FOR IMMEDIATE RELEASE
December 4, 2012
Investor and Media Contact: Whitney Finch
Vice President of Investor Relations
WALTER INVESTMENT MANAGEMENT CORP. COMPLETES REFINANCING OF
SENIOR SECURED NOTES AND REVOLIVNG CREDIT FACILITY
(Tampa, Fla.) Walter Investment Management Corp. (NYSE MKT: WAC) (Walter Investment or the Company) today announced that it completed the refinancing of its senior secured
Credit Suisse Securities (USA) LLC, Morgan Stanley Senior Funding, Inc. and BofA Merrill Lynch assisted the Company with the execution
of a senior secured first lien term loan facility in the aggregate principal amount of $700 million and a senior secured revolving credit facility in the aggregate principal amount of $125 million. The facilities bear interest at a rate per annum
equal to, LIBOR plus 4.50%, with a LIBOR floor of 1.25% and mature on November 28, 2017.
The company used the proceeds of
the new term loan to (1) repay all indebtedness outstanding under its existing first lien term loan (approximately $425 million at September 30, 2012), (2) pay related transaction costs and expenses, (3) provide liquidity for
potential growth opportunities, including acquisitions, and for working capital and general corporate purposes.
Mark J. OBrien,
Chairman and CEO of Walter Investment said, We are quite pleased to have complete d the refinancing of our existing first lien term loan facility and revolving credit facility under the improved terms. The refinancing of these facilities not
only enables us to take advantage of the lower rates available in the credit markets, significantly lowering our interest expense, but also meaningfully improves our financial flexibility leaving us well positioned to capitalize on the opportunities
in our $500 billion active pipeline.
About Walter Investment Management Corp.
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, Fla., the Company has over 2,600 employees and services a diverse loan portfolio. For more information about Walter Investment Management Corp., please visit the Companys website at
The term pipeline, when used in this release, refers to opportunities or potential opportunities in the market for products within our strategic profile that we have identified as targets to
add to our servicing portfolio through either the acquisition of MSR or sub-servicing contracts. In each case we have contacted the seller or its representative to register our interest, or are currently engaged in discussions or negotiations
directly with the seller or its representative. The status of pipeline opportunities varies from early stage contact through exclusive negotiations. There can be no guarantee that any of the opportunities in our pipeline will result in
purchases or contracts added by the Company.
Disclaimer and Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements, including forward-looking statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements concerning Walter Investments plans, beliefs, objectives, expectations and intentions and other statements that are not historical or current
facts. Forward-looking statements are based on Walter Investments current expectations and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements.
Factors that could cause Walter Investments results to differ materially from current expectations include, but are not limited to: the availability of MSRs and other investment opportunities in our pipeline at acceptable prices, along with
the availability of any additional capital that may be necessary to purchase MSRs or make other investments; U.S. competition for investments; and other factors relating to our business in general as detailed in Walter Investments 2011 Annual
Report on Form 10-K and other periodic reports filed with the U.S. Securities and Exchange Commission. In addition, these statements are based on a number of assumptions that are subject to change. Accordingly, actual results may be materially
higher or lower than those projected. The inclusion of such projections herein should not be regarded as a representation by Walter Investment that the projections will prove to be correct. This press release speaks only as of this date. Walter
Investment disclaims any duty to update the information herein.