Walter Investment Management Corp. Announces Plans For Incremental First Lien Facility PR Newswire TAMPA, Fla., Jan. 15, 2013 TAMPA, Fla., Jan. 15, 2013 /PRNewswire/ -- Walter Investment Management Corp. (NYSE MKT: WAC) (the "Company") announced today it has engaged Credit Suisse Securities (USA) LLC, Morgan Stanley Senior Funding Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated to assist it with the arrangement of an incremental $475 million facility to its existing $700 million senior secured first lien term loan facility maturing on November 28, 2017. The Company intends to use the proceeds of borrowings under the incremental facility to the senior secured first lien term loan facility to fund the initial installments for the purchase of the mortgage servicing rights ("MSRs") related to the $93 billion in UPB of servicing from Bank of America, to pay related transaction costs and expenses and for working capital and general corporate purposes. Mark J. O'Brien, Walter Investment's Chairman and Chief Executive Officer, said, "We are confident in our ability to access the debt markets to obtain the necessary funding for the acquisition of the Bank of America MSRs, which enhances our ability to drive shareholder value at attractive terms. This is in line with our expectations for the term loan facilities when they were refinanced last fall. We believe we remain well-positioned to capitalize on the continued secular shifts occurring in the mortgage sector. " The incremental borrowings under the facility are expected to be secured by liens on substantially all of the Company's assets. Walter Investment's ability to obtain an incremental facility to its existing senior secured first lien term loan will be subject to the receipt of commitments from lenders to provide the facility, the negotiation and execution of definitive loan documents and the satisfaction of other conditions. About Walter Investment Management Corp. Walter Investment Management Corp. is an asset manager, mortgage servicer and originator focused on finding solutions for consumers and credit owners. Based in Tampa, Fla., the Company has over 2,900 employees and services a diverse loan portfolio. For more information about Walter Investment Management Corp., please visit the Company's website at www.walterinvestment.com. Disclaimer and Cautionary Note Regarding Forward-Looking Statements This document contains forward-looking statements, including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements concerning Walter Investment's plans, beliefs, objectives, expectations and intentions and other statements that are not historical or current facts. Forward-looking statements are based on Walter Investment's current expectations and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements. Factors that could cause Walter Investment's results to differ materially from current expectations include, but are not limited to: the achievement of anticipated EBITDA margin levels which can be adversely affected by costs of our business that are higher than expected, the inability to achieve anticipated incentive fees which are subject to factors beyond the Company's control, customer take up rates of HARP refinancing and other factors that may affect the Company's earnings or costs; the close of the ResCap, Security One Lending, and other business and MSR acquisitions on schedule and the efficient integration of the businesses and transfer of the acquired MSRs to the Company's platforms; the accuracy of our assumptions as to platform synergies and the addition of new business in 2013; and other factors relating to our business in general as detailed in Walter Investment's 2011 Annual Report on Form 10-K and other periodic reports filed with the U.S. Securities and Exchange Commission. In addition, these statements are based on a number of assumptions that are subject to change. Accordingly, actual results may be materially higher or lower than those projected. The inclusion of such projections herein should not be regarded as a representation by Walter Investment that the projections will prove to be correct. This document speaks only as of this date. Walter Investment disclaims any duty to update the information herein. SOURCE Walter Investment Management Corp. Website: http://www.walterinvestment.com Contact: Investor and Media Contact: Whitney Finch, Vice President of Investor Relations, +1-813-421-7694, firstname.lastname@example.org
Walter Investment Management Corp. Announces Plans For Incremental First Lien Facility
Press spacebar to pause and continue. Press esc to stop.