Attached files
file | filename |
---|---|
8-K - 8-K - DITECH HOLDING Corp | d642599d8k.htm |
Exhibit 99.1
FOR IMMEDIATE RELEASE December 12, 2013 |
Investor and Media Contact: Whitney Finch Vice President of Investor Relations 813.421.7694 wfinch@walterinvestment.com |
Walter Investment Management Corp. Announces Pricing
of its Private Placement of Senior Notes Due 2021
(Tampa, Fla.) 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 $500,000,000 to $575,000,000. The Notes will be guaranteed on an unsecured senior basis by each of the Companys current and future wholly-owned domestic subsidiaries that guarantees its obligations under the Companys new secured credit facilities. The Notes will pay interest semi-annually on June 15 and December 15, 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 $563.5 million.
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 $75,000,000 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.
About Walter Investment Management Corp.
Walter Investment Management Corp. is an asset manager, mortgage servicer and originator focused on finding solutions for consumers and credit owners. Based in Tampa, Fla., the Company has over 6,400 employees and services a diverse loan portfolio.
Disclaimer and Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect the Companys current views with respect to certain events that may affect the Companys future performance. Statements that are not historical facts are forward-looking statements. Certain of these forward-looking statements can be identified by the use of words
such as believes, anticipates, expects, intends, plans, projects, estimates, assumes, may, should, will, or other similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors, which could cause actual results, performance or achievements to differ materially from future results, performance or achievements. These forward-looking statements are based on the Companys current beliefs, intentions and expectations. These statements are not guarantees or indicative of future performance. Important assumptions and other important factors that could cause actual results to differ materially from those forward-looking statements include, but are not limited to, those factors, risks and uncertainties described under Risk Factors in the Companys Annual Report on Form 10-K for the year ended December 31, 2012 and in the Companys Quarterly Reports on Form 10-Q for the quarters ended March 31, 2013, June 30, 2013 and September 30, 2013. This press release speaks only as of this date. Walter Investment disclaims any duty to update the information herein.