Dec. 3, 2013
/PRNewswire/ -- Walter Investment Management Corp. (NYSE: WAC) (the "
") announced today that it plans to enter into a new secured credit agreement of
providing for new secured credit facilities (the "New Secured Credit Facilities"), including a
revolving credit facility and a
term loan facility. The New Secured Credit Facilities will be guaranteed, subject to certain exceptions, by each of the Company's current and future wholly-owned domestic subsidiaries and secured, subject to certain exceptions, on a first priority basis by substantially all assets of the Company and the guarantors.
The Company also intends to effect a private offering of
aggregate principal amount of its senior notes due 2021 (the "
"). The Notes will be guaranteed on an unsecured senior basis by each of the Company's current and future wholly-owned domestic subsidiaries that guarantees its obligations under the Company's New Secured Credit Facilities.
The Company intends to use borrowings under its New Secured Credit Facilities, together with the net proceeds from the proposed Notes offering, to finance the acquisition of MSRs, to repay indebtedness outstanding under its existing secured credit agreement and to pay related fees and expenses.
The Notes will be offered only to qualified institutional buyers under Rule 144A of the Securities Act of 1933, as amended (the "
"), and to certain non-U.S. persons in transactions outside
the United States
under Regulation S of the Securities Act. The initial issuance and sale of the Notes will not be registered under the Securities Act, and, the Notes may not be offered or sold in
the United States
absent registration or an applicable exemption from the registration requirements of the Securities Act and other applicable securities laws. We expect that the terms of the Notes will provide for customary registration rights.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the Notes or any other securities, nor shall there be any sale of the Notes or any other securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.