Walter Investment firms discount on $825 million add-on loan at 99½

By Sara Rosenberg

New York, Jan. 24 - Walter Investment Management Corp. finalized the original issue discount on its $825 million first-lien add-on term loan (B2/B+) due Nov. 28, 2017 at 991/2, the tight end of the 99 to 99½ talk, according to a market source.

Pricing on the add-on, which was upsized earlier from $475 million, is Libor plus 450 basis points with a 1.25% Libor floor, in line with existing term loan pricing.

The debt has 101 repricing protection until Nov. 28, 2013.

Credit Suisse Securities (USA) LLC, Morgan Stanley Senior Funding Inc. and Bank of America Merrill Lynch are the lead banks on the deal.

Proceeds are being used to fund the initial installments for the purchase of the mortgage servicing rights related to the $93 billion in unpaid principal balance of servicing from Bank of America, and for working capital and general corporate purposes.

Walter Investment is a Tampa, Fla.-based asset manager, mortgage servicer and mortgage portfolio.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.