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Walter Investment Management Corp. Announces Pricing Of Its Public Offerings Of Common Stock And Convertible Senior Subordinated Notes Due 2019

Stocks in this article: WAC

TAMPA, Fla., Oct. 18, 2012 /PRNewswire/ -- Walter Investment Management Corp. (NYSE MKT:WAC) (the "Company") announced today the pricing of its previously announced registered underwritten public offering of common stock. The Company increased the size of the common stock offering from 4,500,000 shares to 6,000,000 shares.  The shares will be sold at a price to the public of $42.00 per share. In addition, the Company has granted the underwriters of the common stock offering a 30-day option to purchase up to an additional 900,000 shares of common stock.

The Company today also announced the pricing of its previously announced registered underwritten public offering of $265.0 million aggregate principal amount of 4.50% convertible senior subordinated notes due 2019. The convertible senior subordinated notes will pay interest semi-annually on May 1 and November 1, commencing on May 1, 2013, at a rate of 4.50% per year, and will mature on November 1, 2019.   In addition, the Company has granted the underwriters of the notes offering a 30-day option to purchase up to an additional $25.0 million aggregate principal amount of convertible senior subordinated notes.

Prior to May 1, 2019, the convertible senior subordinated notes will be convertible only upon specified events and during specified periods, and, on or after May 1, 2019, at any time. The convertible senior subordinated notes will initially be convertible at a conversion rate of 17.0068 shares of the Company's common stock per $1,000 principal amount of convertible senior subordinated notes, which is equivalent to an initial conversion price of approximately $58.80, which is a 40% premium to the public offering price of the Company's common stock in the Company's common stock offering described above. Upon conversion, the Company may pay or deliver, at its option, cash, shares of the Company's common stock, or a combination of cash and shares of common stock.

Neither offering is contingent upon completion of the other offering and each offering is being conducted as a separate public offering.

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