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NCT > SEC Filings for NCT > Form 8-K on 5-Apr-2013All Recent SEC Filings

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Item 8.01 - Other Items.

On April 1, 2013, a newly formed joint venture, in which a subsidiary of Newcastle Investment Corp. ("Newcastle") owns 30%, an affiliate of Springleaf Finance, Inc. ("Springleaf") owns 47%, and an affiliate of Blackstone Tactical Opportunities Advisors L.L.C. owns 23% (the "Joint Venture"), completed its previously announced purchase from HSBC Finance Corporation and certain of its affiliates of a portfolio of consumer loans (the "Portfolio") with an unpaid principal balance of approximately $4.2 billion as of December 31, 2012. The Portfolio includes over 400,000 personal unsecured loans and personal homeowner loans originated through subsidiaries of HSBC Finance Corporation.

Newcastle invested approximately $250 million for the 30% interest in the Joint Venture. The Joint Venture is financing $2.2 billion of the approximately $3.0 billion purchase price for the Portfolio with asset-backed notes.

After a servicing transition period, Springleaf will be the servicer of the loans and will provide all servicing and advancing functions for the Portfolio. Newcastle will not own any of the servicing rights and will not have any servicing duties, liabilities or obligations associated with the servicing of the Portfolio. Springleaf is an affiliate of Newcastle's manager, which is affiliated with Fortress Investment Group LLC.

Newcastle intends to spin off this investment as part of the spin-off of its subsidiary New Residential Investment Corp. The spin-off is subject to, among other things, the Securities and Exchange Commission declaring effective the registration statement for the transaction.

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