Walter Investment lifts add-on term loan size to $250 million

By Sara Rosenberg

New York, July 15 - Walter Investment Management Corp. upsized its add-on first-lien term loan due Nov. 28, 2017 to $250 million from $200 million, according to a market source.

Also, the offer price on the add-on was changed to par from 99, the source said.

Pricing on the loan is Libor plus 450 basis points with a 1.25% Libor floor, and there is 101 repricing protection until Nov. 28.

The spread, floor and call protection match the existing $1,497,000,000 first-lien term loan as the debt is fungible.

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

Proceeds from the add-on will be used for general corporate purposes.

Recommitments are due at noon ET on Tuesday, the source added.

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

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