Dec. 12, 2013
/PRNewswire/ -- Walter Investment Management Corp. (NYSE: WAC) (the "Company") announced today the pricing of its previously announced private placement of senior notes due 2021 (the "Notes"). The total size of the offering of the Notes has been increased from
. 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 Notes will pay interest semi-annually on
, commencing on
June 15, 2014
, at a rate of 7.875% per year, and will mature on
December 15, 2021
The Company estimates that the net proceeds from the Notes offering will be approximately
The Company intends to use the net proceeds from the Notes offering, together with borrowings under its new secured credit facilities, to finance the acquisition of MSRs, to repay indebtedness outstanding under its existing secured credit agreement, to pay related fees and expenses and for general corporate purposes. The additional net proceeds received from the increase of
will be used for general corporate purposes.
The Notes will be offered only to qualified institutional buyers under Rule 144A of the Securities Act of 1933, as amended (the "Securities Act"), 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. The terms of the Notes 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.