Current Report Filing (8-k)
September 19 2017 - 5:30PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report
Pursuant
to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 13, 2017
Walter Investment Management Corp.
(Exact Name of Registrant as Specified in its Charter)
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Maryland
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001- 13417
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13-3950486
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(State or other jurisdiction of
incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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1100 Virginia Drive, Suite 100
Fort Washington, PA 19034
(Address of principal executive offices, including zip code)
(844) 714-8603
(Registrants telephone number, including area code)
Not applicable
(Former
name or former address, if changed since last report)
Check the appropriate box below
if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under
the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this
chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or
revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 1.01.
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Entry into a Material Definitive Agreement.
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On September 13, 2017, Walter Investment Management
Corp. (the Company) entered into a commitment letter (the Commitment Letter) with Barclays Bank PLC (Barclays). Pursuant to the Commitment Letter, Barclays has agreed to increase the financing available to the
Company under the following facilities (each, a Facility and together, the Facilities):
(1) the Amended and Restated Master
Repurchase Agreement, dated as of April 23, 2015 (as amended, restated, supplemented or otherwise modified prior to the date hereof, the Ditech Facility), among Barclays, as purchaser and agent, and Ditech Financial LLC, as seller,
and
(2) the Amended and Restated Master Repurchase Agreement, dated as of May 22, 2017 (as amended, restated, supplemented or otherwise modified
prior to the date hereof, the RMS Facility), among 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 the Company with an upsize of the Facilities (the Upsize) with a maximum increase amount of $300,000,000 (the
Commitment) on the terms and subject to the conditions set forth in the Commitment Letter, with a closing date any time between the date of the Commitment Letter and January 25, 2018 (such date, the Closing Date). The
Company may effectuate the Upsize as an increase of up to $150,000,000 (increasing the committed portion of the facility from $100,000,000 to $250,000,000) to the Ditech Facility and up to $150,000,000 (increasing the committed portion of the
facility from $300,000,000 to $450,000,000) to the RMS Facility, up to a total (across both Facilities) of $300,000,000. In conjunction with any amendment to effectuate the Upsize, the termination date of each Facility being amended will be extended
to August 25, 2018, provided that, after May 21, 2018, the Maximum Aggregate Purchase Price (as such term is defined on the date hereof in the RMS Facility or the Ditech Facility, as applicable) will equal the amount of the Upsize with
respect to the related Facility.
The Company has experienced reductions in availability under its warehouse and advance facilities, through reductions in
the Companys advance rates, changes to the terms of such facilities and otherwise, which has negatively impacted the Companys available liquidity and capital resources. The Upsize is expected to better position the Company to ensure
it has sufficient liquidity in the near-term, though no assurance can be given that the Company will be successful in maintaining adequate financing capacity with its current or prospective lenders.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
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Date: September 19, 2017
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Walter Investment Management Corp.
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By:
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/s/ Gary L. Tillett
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Gary L. Tillett, Executive Vice President and
Chief Financial Officer
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Walter Investment Management Corp. (delisted) (NYSE:WAC)
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