Attached files
| file | filename |
|---|---|
| EX-10.1 - SERIES 2012-VFN2 INDENTURE SUPPLEMENT - HOME LOAN SERVICING SOLUTIONS, LTD. | d460131dex101.htm |
| EX-10.2 - SERIES 2012-VFN3 INDENTURE SUPPLEMENT - HOME LOAN SERVICING SOLUTIONS, LTD. | d460131dex102.htm |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The
Securities Exchange Act of 1934
Date of report (Date of earliest event reported): December 26, 2012
HOME LOAN SERVICING SOLUTIONS, LTD.
(Exact name of registrant as specified in its charter)
| Cayman Islands | 001-35431 | 98-0683664 | ||
| (State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
Home Loan Servicing Solutions, Ltd.
c/o Intertrust Corporate Services (Cayman) Limited
190 Elgin Avenue
George Town, Grand Cayman
KY1-9005
Cayman Islands
(Address of principal executive office)
Registrant’s telephone number, including area code: (345) 943-3100
Not applicable.
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.03 Creation of a Direct Financial Obligation.
On December 26, 2012, Wells Fargo Securities, LLC and Credit Suisse AG, New York Branch committed to financing $800 million each in the form of variable-funding notes issued by HLSS Servicer Advance Receivables Trust (the “Issuer”). These series of the Issuer’s notes mature in August 2013, and below is a brief description of their maximum principal amount and interest rate by class:
| Series | Amount ($millions) |
Index | Pre-ABS Margin |
Post-ABS Margin Floor |
||||||||||||
| Series 2012 - VF2 |
||||||||||||||||
| Class A |
$ | 671.0 | One-Month LIBOR | 1.95 | % | 1.20 | % | |||||||||
| Class B |
65.0 | One-Month LIBOR | 2.60 | % | 1.85 | % | ||||||||||
| Class C |
32.0 | One-Month LIBOR | 4.57 | % | 3.82 | % | ||||||||||
| Class D |
32.0 | One-Month LIBOR | 5.50 | % | 4.75 | % | ||||||||||
| Total |
$ | 800.0 | 2.25 | % | 1.50 | % | ||||||||||
| Series 2012 - VF3 |
||||||||||||||||
| Class A |
$ | 671.0 | One-Month LIBOR | 1.95 | % | 1.20 | % | |||||||||
| Class B |
65.0 | One-Month LIBOR | 2.60 | % | 1.85 | % | ||||||||||
| Class C |
32.0 | One-Month LIBOR | 4.57 | % | 3.82 | % | ||||||||||
| Class D |
32.0 | One-Month LIBOR | 5.50 | % | 4.75 | % | ||||||||||
| Total |
$ | 800.0 | 2.25 | % | 1.50 | % | ||||||||||
When term notes are issued and reduce the principal amount of the variable-funding notes described above, the interest margin on these variable-funding notes will be reset to a level that is an average of 50 basis points above the weighted-average interest margin for those term notes, but will not be less than the “Post-ABS Margin Floor.”
The Issuer’s notes are secured by servicing advance receivables and are being issued under the second amended and restated base indenture entered into on September 13, 2012 and two indenture supplements applicable to these notes only. See “The Business—Description of Servicing Advance Facility Agreements and the Advance Financing Facility” in our Prospectus dated December 18, 2012 for a more detailed description of the Issuer and the agreements governing the issuance of its notes.
Item 9.01. Financial Statements and Exhibits.
(a)—(c) Not applicable.
(d) Exhibits:
| 10.1 | Series 2012-VFN2 Indenture Supplement |
| 10.2 | Series 2012-VFN3 Indenture Supplement |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
| HOME LOAN SERVICING SOLUTIONS, LTD. | ||
| (Registrant) | ||
| By: | /s/ James Lauter | |
| James Lauter | ||
| Senior Vice President & Chief Financial Officer | ||
| (On behalf of the Registrant and as its principal financial officer) | ||
Date: December 31, 2012