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Walter Investment gets $300 million upsize commitments via Barclays
By Marisa Wong
Morgantown, W.Va., Sept. 19 – Walter Investment Management Corp. entered into a commitment letter on Sept. 13 with Barclays Bank plc for up to $300 million of additional commitments, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
Under the commitment letter, Barclays has agreed to increase the financing available under the amended and restated master repurchase agreement dated April 23, 2015 with Barclays as purchaser and agent and Ditech Financial LLC as seller and the amended and restated master repurchase agreement dated May 22 with Reverse Mortgage Solutions, Inc. as a seller, RMS REO BRC, LLC as a seller and Barclays as purchaser and agent.
Barclays has committed to provide Walter with a maximum total upsize amount of $300 million under the two facilities.
The closing date is any time between the date of the commitment letter and Jan. 25, 2018.
The company may apply up to $150 million of the upsize to the Ditech facility – increasing the committed portion of the facility to $250 million from $100 million – and up to $150 million to the RMS facility – increasing the committed portion of the facility to $450 million from $300 million.
If either facility is amended to be upsized, the termination date of that facility will be extended to Aug. 25, 2018 (provided that after May 21, 2018 the maximum aggregate purchase price will equal the amount of the upsize for the related facility).
The company has experienced reductions in availability under its warehouse and advance facilities, through reductions in its advance rates, changes to the terms of those facilities and other reasons, which has negatively impacted its available liquidity and capital resources. The upsize is expected to better position the company to ensure it has sufficient liquidity in the near-term, the filing said.
Walter Investment is a Fort Washington, Pa.-based mortgage banking firm.
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