News & Events

Walter Investment Management Corp. announced  that it has entered into a definitive agreement to purchase GTCS Holdings LLC (“Green Tree”) in a transaction valued at $1.065 billion.  Walter Investment will issue approximately 1.8 million shares of common stock to the seller, assume approximately $20 million of existing Green Tree debt, and issue $765 million of new debt which has been fully committed to by Credit Suisse and The Royal Bank of Scotland plc and which, together with cash, will be used to acquire the equity of Green Tree, repay existing Green Tree indebtedness and pay fees and expenses of the transaction.  Green Tree, based in St. Paul, Minnesota, is a leading independent, fee-based business services company which provides high-touch, third-party servicing of credit-sensitive consumer loans.   

Walter Investment Management Corp. is an asset manager, mortgage servicer and mortgage portfolio owner specializing in less-than-prime, non-conforming and other credit-challenged mortgage assets. Based in Tampa, Florida, the Company currently has $1.8 billion of assets under management and annual revenues of approximately $180 million.   

The Simpson Thacher team includes:  Peter Gordon, Jeremy Saks and Adam Glenn (M&A); David Eisenberg, Vanessa Bressler and John Wang (Credit); Aimee Broder (Tax); Alvin Brown and Craig Katerberg (Executive Compensation and Employee Benefits); Mindy Lok (IP); and Steven DeLott (Insurance Regulatory).