Walter Investment Management Corp. Announces Agreement on Deleveraging Transactions - Enters Into Restructuring Support Agreement with Certain Lenders, and Announces Waivers from Certain Lenders and Noteholders
As set forth in the RSA, the parties to the RSA have agreed to the principal terms of a proposed financial restructuring of the Company, which will include an extension of the Credit Agreement's maturity until
In addition, more than 50% of the holders of the Company's 7.875% senior notes due 2021 (the "Senior Notes") issued pursuant to the Senior Notes Indenture (the "Senior Notes Indenture"), dated
"The actions we have taken, combined with the support of our existing lenders, should help us strengthen our balance sheet and position Walter for a sustainable future."
A summary of the material terms and conditions of each of the RSA, the waiver and amendment to the Credit Agreement as well as a copy of each such agreement will be included in a Current Report on Form 8-K being filed with the
Weil, Gotshal &
Cautionary Statements Regarding Forward-Looking Information
Certain statements in this press release constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Statements that are not historical fact are forward-looking statements. Certain of these forward-looking statements can be identified by the use of words such as "believes," "anticipates," "expects," "intends," "plans," "projects," "estimates," "assumes," "may," "should," "could, " "shall," "will," "seeks," "targets," "future," or other similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors, and our actual results, performance or achievements could differ materially from future results, performance or achievements expressed in these forward-looking statements. Such statements include, but are not limited to, statements relating to the potential transactions contemplated by the restructuring support agreement, descriptions of management's strategy, plans, objectives or intentions and descriptions of assumptions underlying any of the above matters and other statements that are not historical fact.
Forward-looking statements are subject to significant known and unknown risks, uncertainties, challenges and other important factors, and the Company's actual results, performance or achievements could differ materially from future results, performance or achievements expressed in these forward-looking statements. These forward-looking statements are based on the Company's current beliefs, intentions and expectations and are not guarantees or indicative of future performance, nor should any conclusions be drawn or assumptions be made as to any potential outcome of any proposed transactions the Company considers. Risks and uncertainties relating to the proposed financial restructuring include: the ability of the Company to comply with the terms of the RSA, including completing various stages of the restructuring within the dates specified by the RSA; the ability of the Company to obtain requisite support of the restructuring from various stakeholders; and the effects of disruption from the proposed restructuring making it more difficult to maintain business, financing and operational relationships. Important assumptions and other important factors that could cause actual results to differ materially from those forward-looking statements include, but are not limited to, those factors, risks and uncertainties described in more detail under the heading "Risk Factors" and elsewhere in the Company's annual and quarterly reports, including amendments thereto, and other filings with the
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