Walker & Dunlop Announces Pricing of Amended Senior Secured Credit Agreement
Walker & Dunlop (WD) has priced its amended and restated senior secured credit agreement, featuring a $450 million term loan facility that will initially bear interest at SOFR plus 2.00%. The agreement includes a potential 25 basis points reduction in interest margin if the company's total leverage ratio meets specific criteria.
The credit agreement also encompasses a three-year $50 million revolving credit facility with an interest rate of SOFR plus 1.75%. J.P. Morgan Chase Bank will serve as administrative agent and lead arranger, with Bank of America joining as a revolving credit facility provider.
The company plans to utilize proceeds from its $400 million senior unsecured notes due 2033 and the amended credit agreement to reduce existing senior secured term loan principal, cover related expenses, and support general corporate purposes.
Walker & Dunlop (WD) ha fissato il prezzo del suo accordo di credito senior garantito modificato e riformulato, che prevede una linea di prestito a termine di 450 milioni di dollari che inizialmente avrà un tasso d'interesse pari a SOFR più il 2,00%. L'accordo include una possibile riduzione di 25 punti base nel margine d'interesse se il rapporto di indebitamento totale dell'azienda soddisfa specifici criteri.
L'accordo di credito comprende anche una linea di credito revolving di 50 milioni di dollari per tre anni con un tasso d'interesse pari a SOFR più l'1,75%. J.P. Morgan Chase Bank fungerà da agente amministrativo e arrangiatore principale, con Bank of America che parteciperà come fornitore della linea di credito revolving.
L'azienda prevede di utilizzare i proventi dei suoi note senior non garantiti da 400 milioni di dollari in scadenza nel 2033 e dell'accordo di credito modificato per ridurre il capitale del prestito a termine senior esistente, coprire le spese correlate e sostenere scopi aziendali generali.
Walker & Dunlop (WD) ha fijado el precio de su acuerdo de crédito senior garantizado modificado y reformulado, que incluye una facilidad de préstamo a plazo de 450 millones de dólares que inicialmente devengará intereses al SOFR más el 2,00%. El acuerdo incluye una posible reducción de 25 puntos básicos en el margen de interés si el ratio de apalancamiento total de la empresa cumple con criterios específicos.
El acuerdo de crédito también abarca una facilidad de crédito revolving de 50 millones de dólares a tres años con una tasa de interés de SOFR más el 1,75%. J.P. Morgan Chase Bank actuará como agente administrativo y organizador principal, con Bank of America uniéndose como proveedor de la facilidad de crédito revolving.
La empresa planea utilizar los ingresos de sus bonos senior no garantizados de 400 millones de dólares que vencen en 2033 y del acuerdo de crédito modificado para reducir el capital del préstamo a plazo senior existente, cubrir gastos relacionados y apoyar propósitos corporativos generales.
Walker & Dunlop (WD)는 수정 및 재작성된 선순위 담보 신용 계약의 가격을 책정했으며, 여기에는 4억 5천만 달러의 기간 대출 시설이 포함되어 있으며, 초기 이자는 SOFR 플러스 2.00%입니다. 이 계약은 회사의 총 레버리지 비율이 특정 기준을 충족할 경우 이자 마진을 25 베이시스 포인트 줄일 수 있는 가능성도 포함되어 있습니다.
신용 계약에는 3년 만기 5천만 달러의 회전 신용 시설도 포함되어 있으며, 이자율은 SOFR 플러스 1.75%입니다. J.P. Morgan Chase Bank는 관리 에이전트 및 주관사 역할을 하며, Bank of America가 회전 신용 시설 제공자로 참여합니다.
회사는 2033년 만기 4억 달러의 선순위 비담보 채권과 수정된 신용 계약의 수익금을 사용하여 기존 선순위 담보 기간 대출 원금을 줄이고 관련 비용을 충당하며 일반 기업 목적을 지원할 계획입니다.
Walker & Dunlop (WD) a fixé le prix de son accord de crédit senior garanti modifié et reformulé, comprenant une facilité de prêt à terme de 450 millions de dollars qui portera initialement intérêt à SOFR plus 2,00%. L'accord inclut une réduction potentielle de 25 points de base de la marge d'intérêt si le ratio d'endettement total de l'entreprise répond à des critères spécifiques.
L'accord de crédit comprend également une facilité de crédit revolving de 50 millions de dollars sur trois ans avec un taux d'intérêt de SOFR plus 1,75%. J.P. Morgan Chase Bank agira en tant qu'agent administratif et arrangeur principal, avec Bank of America rejoignant en tant que fournisseur de la facilité de crédit revolving.
L'entreprise prévoit d'utiliser les produits de ses obligations senior non garanties de 400 millions de dollars arrivant à échéance en 2033 et de l'accord de crédit modifié pour réduire le capital existant du prêt à terme senior, couvrir les frais connexes et soutenir des objectifs d'entreprise généraux.
Walker & Dunlop (WD) hat den Preis für seine geänderte und neu gefasste senior gesicherte Kreditvereinbarung festgelegt, die eine Terminkreditfazilität von 450 Millionen Dollar umfasst, die zunächst mit SOFR plus 2,00% Zinsen belastet wird. Die Vereinbarung beinhaltet eine mögliche Reduzierung des Zinsspreads um 25 Basispunkte, wenn das Gesamtverschuldungsverhältnis des Unternehmens bestimmte Kriterien erfüllt.
Die Kreditvereinbarung umfasst auch eine dreijährige revolvierende Kreditfazilität von 50 Millionen Dollar mit einem Zinssatz von SOFR plus 1,75%. Die J.P. Morgan Chase Bank wird als Verwaltungsagent und Hauptarrangeur fungieren, während die Bank of America als Anbieter der revolvierenden Kreditfazilität hinzukommt.
Das Unternehmen plant, die Erlöse aus seinen 400 Millionen Dollar an nicht besicherten Senior-Anleihen mit Fälligkeit 2033 und der geänderten Kreditvereinbarung zu nutzen, um das bestehende Kapital der senior gesicherten Terminkredite zu reduzieren, damit verbundene Kosten zu decken und allgemeine Unternehmenszwecke zu unterstützen.
- Potential 25bps interest savings on $450M term loan facility
- Additional $50M revolving credit facility secured
- Debt restructuring may improve financial flexibility
- Increased debt load with $400M new senior unsecured notes
- Higher initial interest rate at SOFR+2.00% compared to some market alternatives
The
The amended and restated credit agreement will also include a three-year
The Company intends to use the proceeds from its previously announced offering of
About Walker & Dunlop
Walker & Dunlop (NYSE: WD) is one of the largest commercial real estate finance and advisory services firms in
Forward-Looking Statements
The statements regarding the terms of the amendment of the senior secured term loan agreement contained in this press release may constitute forward-looking statements within the meaning of the federal securities laws.
Forward-looking statements relate to expectations, projections, plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and which do not relate solely to historical matters. You can also identify forward-looking statements by discussions of strategy, plans, or intentions.
The forward-looking statements contained in this press release reflect our current views about future events and are subject to numerous known and unknown risks, uncertainties, assumptions and changes in circumstances that may cause actual results to differ significantly from those expressed or contemplated in any forward-looking statement.
While forward-looking statements reflect our good faith projections, assumptions and expectations, they are not guarantees of future results. Furthermore, we disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes, except as required by applicable law. Factors that could cause our results to differ materially include, but are not limited to: (1) general economic conditions and multifamily and commercial real estate market conditions, and (2) regulatory and/or legislative changes to Freddie Mac, Fannie Mae or HUD.
For a further discussion of these and other factors that could cause future results to differ materially from those expressed or contemplated in any forward-looking statements, see the section titled “Risk Factors” in our most recent Annual Report on Form 10-K and any updates or supplements in subsequent Quarterly Reports on Form 10-Q and our other filings with the SEC.
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Investors:
Kelsey Duffey
Investor Relations
Phone 301.202.3207
investorrelations@walkeranddunlop.com
Media:
Nina H. von Waldegg
VP, Public Relations
Phone 301.564.3291
info@walkeranddunlop.com
Source: Walker & Dunlop, Inc.
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