The Firm represented Walter Investment Management Corp. (NYSE: WAC) (the “Company”), in connection with a Rule 144A/Regulation S offering of $575 million aggregate principal amount of its 7.875% Senior Notes due 2021, fully and unconditionally guaranteed by all of its existing and future subsidiaries that guarantee its secured credit facility.
The Firm also represented the Company in connection with a new $1.625 billion secured credit facility, consisting of a $1.5 billion 7-year “covenant-lite” term loan and a $125 million 5-year revolving credit facility.
The Company used the net proceeds from the offering, together with borrowings under its new secured credit facility, to finance the acquisition of mortgage servicing rights, to repay indebtedness outstanding under its existing secured credit agreement, to pay related fees and expenses and for general corporate purposes.
Walter Investment Management Corp. is an asset manager, mortgage servicer and originator focused on finding solutions for consumers and credit owners. Based in Tampa, Florida, the Company has over 6,400 employees and services a diverse loan portfolio.
The Simpson Thacher team included Risë Norman, Katerina Kousoula and Ryan Castillo (Capital Markets), James Cross, Christian Fischer, Joo Hyun Lee and Angela McCray (Credit), Mark Chorazak (Regulatory), Adam Wells (Tax), David Rubinsky and Douglas Tang (Executive Compensation and Employee Benefits), Marcela Robledo (Intellectual Property) and Adeeb Fadil (Environmental).