Walker & Dunlop closes $175 million term loan in line with price talk

By Susanna Moon

Chicago, Dec. 20 - Walker & Dunlop, Inc. closed its $175 million institutional senior secured seven-year term loan at Libor plus 450 basis points with a 1% Libor floor, in line with price talk.

The term loan amortizes at a rate of 1% per year, and Wells Fargo is the administrative agent, according to a company press release.

Proceeds will be used to repay the company's senior credit facility, to fund strategic growth opportunities, to repurchase stock and for general corporate purposes.

Walker & Dunlop scheduled a bank meeting on Nov. 21 to launch the term loan B that was talked at Libor plus 450 bps with a 1% Libor floor and an original issue discount of 99, as previously reported by Prospect News.

The term loan B has 101 soft call protection for six months, a source told Prospect News.

All-in yield is 5¾%.

Wells Fargo Securities LLC is the lead bank on the deal.

Commitments were due on Dec. 6.

Walker & Dunlop is a Bethesda, Md.-based provider of commercial real estate financial services.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.