Stearns Holdings Announces Termination of Tender Offer For Up To $7,000,000 Outstanding Principal Amount Of Its 9.375% Senior Secured Notes Due 2020

March 26, 2019
SANTA ANA, CA, /BUSINESS WIRE/ – Stearns Holdings, LLC, the parent company of Stearns Lending, LLC, a leading provider of residential mortgage lending services in Wholesale, Retail and Strategic Alliances sectors, and Stearns Co-Issuer, Inc. (together, the “Offerors”) announced on March 26, 2019 that the Offerors terminated the previously announced cash tender offer for up to $7,000,000 aggregate principal amount of the Offerors’ outstanding 9.375% Senior Secured Notes Due 2020 (the “Notes”). Any of the Notes that were not tendered prior to the Expiration Date were not accepted for purchase and no consideration was paid or is payable to holders thereof. Because the Tender Offer was oversubscribed as of the Expiration Date, the Notes validly tendered and not validly withdrawn as of the Expiration Date were subject to proration and only a portion of those Notes were accepted for purchase. Any Notes tendered and not accepted for purchase as a result of proration were returned to the tendering Holder promptly after the Expiration Date (or, if tendered by book-entry transfer, returned by credit to the account at DTC designated in the Letter of Transmittal related to the cash tender offer). Holders whose Notes were purchased only in part received Notes equal in principal amount to the unpurchased portion of the Notes tendered.
Any questions regarding the termination of the tender offer should be directed to D.F. King & Co, Inc., the Information Agent for the tender offer, at (800) 622-1649 (toll free) or 
(212) 269-5550 or email at

About Stearns Lending, LLC
Stearns Lending, LLC is a leading provider of mortgage lending services in Wholesale, Retail, Strategic Alliances, Non-Delegated Correspondent and Financial Institutions sectors throughout the United States.
Stearns Lending is an equal housing lender and is licensed to conduct business in 49 states and the District of Columbia. Additionally, Stearns Lending is an approved HUD (United States Department of Housing and Urban Development) lender; a Single Family Issuer for Ginnie Mae (Government National Mortgage Association); an approved Seller/Servicer for Fannie Mae (Federal National Mortgage Association); and an approved Seller/Servicer for Freddie Mac (Federal Home Loan Mortgage Corporation). Stearns Lending is also approved as a VA (United States Department of Veterans Affairs) lender, a USDA (United States Department of Agriculture) lender, and is an approved lending institution with FHA (Federal Housing Administration). Stearns Lending, LLC is located at 4 Hutton Centre Drive, 10th Floor, Santa Ana, CA 92707. Company NMLS# 1854.

Caution Regarding Forward-Looking Information and “Safe Harbor” Statement 
This press release may contain forward-looking statements, including, but not limited to, the tender offer for the Notes, the details thereof and other expected effects of the tender offer for the Notes.  Forward-looking statements may generally be identified by the use of the words “anticipates,” “expects,” “intends,” “plans,” “should,” “could,” “would,” “may,” “will,” “believes,” “estimates,” “potential,” “target,” or “continue” and variations or similar expressions.  These statements are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements.  Readers are cautioned not to place undue reliance on any of these forward-looking statements.  These forward-looking statements speak only as of the date hereof.  We undertake no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect actual outcomes, except as required by law.  

Contact Information:
Stearns Lending, LLC
Steve Smith, Chief Financial Officer

- Mar 27, 2019