Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - DITECH HOLDING Corp | c19135e8vk.htm |
Exhibit 99.1
Summary of Terms for the Senior Secured Credit Facilities
| Senior Secured Revolving | First Lien Senior Secured | Second Lien Senior Secured | ||||
| Credit Facility | Term Loan | Term Loan | ||||
Borrower:
|
Walter Investment Management Corp. (the “Borrower”) | |||||
Amount:
|
$45 million | $500 million | $265 million | |||
Maturity:
|
Earlier of 5 years after closing date and June 30, 2016 | Earlier of 5 years after closing date and June 30, 2016 | Earlier of 5.5 years after closing date and December 31, 2016 | |||
Interest rate:
|
LIBOR + 625 bps | LIBOR + 625 bps | LIBOR + 1100 bps | |||
LIBOR floor:
|
150 bps | 150 bps | 150 bps | |||
Upfront / OID:
|
NA | 98% of par | 98% of par | |||
Commitment fee:
|
75 bps | NA | NA | |||
Mandatory amortization:
|
NA | 3.75% per quarter; remainder on final maturity | None (bullet maturity) | |||
Security:
|
First priority pledge on substantially all assets of the Borrower and guarantors (with certain exclusions) | First priority pledge on substantially all assets of the Borrower and guarantors (with certain exclusions) | Second priority pledge on substantially all assets of the Borrower and guarantors (with certain exclusions) | |||
Optional redemptions:
|
NA | 102% in year 1/ 101% in year 2/ par thereafter | Make-whole at 103% for the first two years/ 103% in year 3 / 101% in year 4/ par thereafter | |||
Affirmative covenants:
|
Customary for facilities of this type | Customary for facilities of this type | Customary for facilities of this type | |||
Negative covenants:
|
Customary for facilities of this type, including: | Customary for facilities of this type, including: | Customary for facilities of this type, including: | |||
• Limitations on Restricted Payments
|
• Limitations on Restricted Payments
|
• Limitations on Restricted Payments |
||||
• Limitations on Indebtedness
|
• Limitations on Indebtedness
|
• Limitations on Indebtedness |
||||
• Limitations on Capital Expenditures
|
• Limitations on Capital Expenditures
|
• Limitations on Capital Expenditures |
||||
• Limitations on Liens
|
• Limitations on Liens
|
• Limitations on Liens |
||||
• Limitations on Asset Sales
|
• Limitations on Asset Sales
|
• Limitations on Asset Sales |
||||
Financial covenants:
|
Maintenance covenants: | Maintenance covenants: | Maintenance covenants: | |||
• Total debt / EBITDA
|
• Total debt / EBITDA
|
• Total debt / EBITDA |
||||
• EBITDA / Interest expense
|
• EBITDA / Interest expense
|
• EBITDA / Interest expense |
||||