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Walter Investment Management Completes Refinancing Of Revolving Credit Facility

December 04, 2012, 08:00 AM

Walter Investment Management Corp. ("Walter Investment" or the "Company") announced that it completed the refinancing of its senior secured debt.

Credit Suisse Securities (USA) LLC, Morgan Stanley Senior Funding, Inc. and BofA Merrill Lynch assisted the Company with the execution of a senior secured first lien term loan facility in the aggregate principal amount of $700 million and a senior secured revolving credit facility in the aggregate principal amount of $125 million. The facilities bear interest at a rate per annum equal to, LIBOR plus 4.50%, with a LIBOR "floor" of 1.25% and mature on November 28, 2017.
The company used the proceeds of the new term loan to (1) repay all indebtedness outstanding under its existing first lien term loan (approximately $425 million at September 30, 2012), (2) pay related transaction costs and expenses, (3) provide liquidity for potential growth opportunities, including acquisitions, and for working capital and general corporate purposes.

Mark J. O'Brien, Chairman and CEO of Walter Investment said, "We are quite pleased to have completed the refinancing of our existing first lien term loan facility and revolving credit facility under the improved terms.  The refinancing of these facilities not only enables us to take advantage of the lower rates available in the credit markets, significantly lowering our interest expense, but also meaningfully improves our financial flexibility leaving us well positioned to capitalize on the opportunities in our $500 billion active pipeline."

Walter Investment Management Corp. is an asset manager, mortgage servicer and mortgage portfolio owner specializing in less-than-prime, non-conforming and other credit-challenged mortgage assets. Based in Tampa, Fla., the Company has over 2,600 employees and services a diverse loan portfolio.  

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