Walter Investment launches $200 million add-on first-lien term loan

By Sara Rosenberg

New York, July 11 - Walter Investment Management Corp. held a conference call at 2 p.m. ET on Thursday to launch a $200 million add-on first-lien term loan due Nov. 28, 2017, according to a market source.

Credit Suisse Securities (USA) LLC, Morgan Stanley Senior Funding Inc., Barclays and Bank of America Merrill Lynch are the lead banks on the deal.

The add-on loan is talked at Libor plus 450 basis points with a 1.25% Libor floor and an original issue discount of 99, the source said.

The debt has 101 repricing protection until Nov. 28, 2013.

The spread, floor and call protection match the existing $1,497,000,000 first-lien term loan as the debt is fungible.

Proceeds from the add-on will be used for general corporate purposes.

Commitments are due on Monday, the source added.

Walter Investment is a Tampa, Fla.-based asset manager, mortgage servicer and mortgage portfolio.

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