LUXEMBOURG, April 24, 2013 (GLOBE NEWSWIRE) -- Altisource Portfolio Solutions S.A. (Nasdaq:ASPS) today announced that it will hold a lenders meeting with regard to its wholly-owned subsidiary, Altisource Solutions S.à r.l., exercising the $200 million accordion feature under its existing Senior Secured Term Loan ("SSTL"), and seeking modifications to covenants to increase the ability to repurchase the Company's stock and to certain other provisions of the SSTL. The net proceeds resulting from the accordion exercise are expected to be used to fund the remainder of the previously announced transaction with Ocwen Financial Corporation related to the Residential Capital, LLC servicing portfolio, for stock repurchases and for general corporate purposes including potential acquisitions. The Company currently expects to close the SSTL accordion exercise and amendments in early May. The Company noted further that notwithstanding the current intention to incur debt, there can be no assurance that sufficient debt capacity will be available as needed on terms acceptable to the Company.
Altisource Announces Intention To Exercise $200 Million Accordion Feature And Amend Senior Secured Term Loan
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