Walker & Dunlop talks $166.5 million term loan at Libor plus 300 bps

By Sara Rosenberg

New York, Nov. 8 – Walker & Dunlop Inc. launched on Wednesday its $166.5 million term loan B due Dec. 20, 2020 with price talk of Libor plus 300 basis points with a 1% Libor floor and a par issue price, according to a market source.

The term loan has 101 soft call protection for six months and amortization of $1.2 million per annum.

Covenants include a consolidated corporate leverage ratio of 4.25 times, a consolidated corporate interest coverage ratio of 2.75 times and an asset coverage ratio of 1.5 times.

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

Commitments are due at 3 p.m. ET on Nov. 15, the source added.

Proceeds will be used to reprice an existing term loan B from Libor plus 425 bps with a 1% Libor floor.

Expected term loan ratings are Ba3/BB-.

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

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