This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Walter Investment Management Corp. Announces Refinancing Plans

TAMPA, Fla., Oct. 25, 2012 /PRNewswire/ -- Walter Investment Management Corp. (NYSE MKT: WAC) (the "Company") announced today it has engaged Credit Suisse Securities ( USA) LLC and Morgan Stanley Senior Funding, Inc. to assist it with the arrangement of a senior secured first lien term loan facility in the aggregate principal amount of up to $600 million and a senior secured revolving credit facility in the aggregate principal amount of up to $100 million.  The Company intends to use the proceeds of borrowings under the senior secured first lien term loan facility to (1) repay all indebtedness outstanding under its existing first lien term loan (approximately $444 million at June 30, 2012), (2) pay related transaction costs and expenses, and (3) for potential growth opportunities, including acquisitions, and for working capital and general corporate purposes. 

Mark J. O'Brien, Walter Investment's Chairman and Chief Executive Officer, said, "We believe the credit markets have improved and conditions are now favorable for us to pursue refinancing of our existing first lien term loan facility and revolving credit facility under improved terms. The refinancing of these facilities will provide financial flexibility to Walter Investment leaving us well positioned to capitalize on the accelerating opportunities in our $500 billion active pipeline."

Borrowings under the facilities are expected to be secured by liens on substantially all of the Company's assets.

Walter Investment's ability to refinance the existing revolving credit facility and first lien term loan facility and borrow thereunder 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 mortgage portfolio owner specializing in less-than-prime, non-conforming and other credit-challenged mortgage assets. Based in Tampa, Fla., the Company services a diverse loan portfolio.

Disclaimer and Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, such as statements relating to Walter Investment's investment strategy, financial condition, results of operations, plans, objectives, future performance or expectations and business operations. These statements relate to expectations concerning matters that are not historical facts. Accordingly, statements that are based on management's projections, estimates, assumptions and judgments constitute forward-looking statements. Words such as "believes," "anticipates," "expects," "intends," "plans," "projects," "estimates," "assumes," "may," "should," "will," or variations of these words and similar expressions are intended to identify these forward-looking statements. These forward-looking statements are based largely on information currently available to Walter Investment's management and on Walter Investment's current expectations, assumptions, plans, estimates, judgments and projections about its business and its industry. These statements are not guarantees of future performance and are subject to a number of known and unknown risks, uncertainties, contingencies and assumptions, many of which are outside Walter Investment's control, that are difficult to forecast. Actual results may differ materially from those expressed or forecast in these forward-looking statements. Accordingly, there is no assurance that Walter Investment's expectations will in fact occur or that its estimates or assumptions will be correct, and Walter Investment cautions investors and all others not to place undue reliance on such forward-looking statements. Factors that could cause the forward looking statements to be materially different include: satisfaction of the contingencies described in the press release; the availability of suitable investments for the capital Walter Investment raises and competition for such investments, at times from larger competitors; and other factors, risks and uncertainties described in exhibit 99.3 to Walter Investment's Current Report on Form 8-K filed on October 15, 2012 and other factors, risks and uncertainties described under the caption "Risk Factors" in Walter Investment's Annual Report on Form 10-K for the fiscal year ended December 31, 2011 and in Walter Investment's most recent Quarterly Report on Form 10-Q filed on August 9, 2012, and in Walter Investment's other filings with the SEC. This press release speaks only as of this date. Walter Investment disclaims any duty to update the information herein.

SOURCE Walter Investment Management Corp.

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.02 0.00%
FB $104.07 0.00%
GOOG $683.57 0.00%
TSLA $155.00 -12.00%
YHOO $27.97 0.00%


Chart of I:DJI
DOW 16,204.97 -211.61 -1.29%
S&P 500 1,880.05 -35.40 -1.85%
NASDAQ 4,363.1440 -146.4150 -3.25%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs