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EX-10.1 - EX-10.1 - DITECH HOLDING Corp | d525244dex101.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): March 29, 2018
Ditech Holding Corporation
(Exact Name of Registrant as Specified in its Charter)
Maryland | 001- 13417 | 13-3950486 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
1100 Virginia Drive, Suite 100
Fort Washington, PA 19034
(Address of principal executive offices, including zip code)
(844) 714-8603
(Registrants telephone number, including area code)
Walter Investment Management Corp.
(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)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 1.01 | Entry into a Material Definitive Agreement. |
On March 29, 2018, Ditech Holding Corporation (the Company) entered into an amendment (the First Amendment) to its Second Amended and Restated Credit Agreement, dated as of February 9, 2018 (the Credit Agreement), by and among the Company, Credit Suisse AG, Cayman Islands Branch as administrative agent and collateral agent, and the lenders party thereto. Capitalized terms used but not defined herein are defined in the Credit Agreement.
The First Amendment amends the Credit Agreement to (i) waive the Companys compliance with the First Lien Net Leverage Ratio covenant and the Interest Expense Coverage Ratio covenant until the Test Period ending March 31, 2020, (ii) require the Company to make additional principal payments from March 29, 2018 to December 31, 2018 in an aggregate amount equal to $30.0 million, (iii) provide for a one percent prepayment premium in connection with prepayments of the term loans made during the first 18 months after entering into the First Amendment (for all prepayments of principal other than mandatory amortization payments), and (iv) increase the Asset Coverage Ratio A from 1.40:1.00 to 1.45:1.00 for all Test Periods ending on March 31, 2018 through December 31, 2018.
The foregoing description of the First Amendment does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the First Amendment, a copy of which is filed as Exhibit 10.1 hereto.
Item 2.03 | Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
The information set forth in Item 1.01 is incorporated by reference herein.
Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
See Exhibit Index
EXHIBIT INDEX
Exhibit No. |
Description | |
10.1 | Amendment No. 1 to the Second Amended and Restated Credit Agreement, dated as of March 29, 2018, by and among Ditech Holding Corporation and the lenders party thereto. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Ditech Holding Corporation | ||||||
Date: March 29, 2018 | By: | /s/ John J. Haas | ||||
John J. Haas, General Counsel, Chief Legal Officer and Secretary |