Walker & Dunlop Launches $400 Million Senior Unsecured Notes Offering and Amendment and Extension of its Senior Secured Term Loan Agreement
Walker & Dunlop (WD) has announced plans to offer $400 million in senior unsecured notes due 2033 through a private placement. The notes will be guaranteed on a senior unsecured basis by certain company subsidiaries.
Simultaneously, the company plans to amend its senior secured term loan agreement to:
- Reduce outstanding senior secured term loans to $450 million
- Extend the maturity date to 2032
- Establish a three-year $50 million revolving credit facility
The proceeds will be used to reduce the existing senior secured term loan principal, pay related fees, and support general corporate purposes. The notes will be offered exclusively to qualified institutional buyers under Rule 144A and non-U.S. persons under Regulation S.
Walker & Dunlop (WD) ha annunciato piani per offrire 400 milioni di dollari in obbligazioni senior non garantite con scadenza nel 2033 tramite un collocamento privato. Le obbligazioni saranno garantite su base senior non garantita da alcune sussidiarie della società.
Contemporaneamente, l'azienda prevede di modificare il proprio accordo di prestito senior garantito per:
- Ridurre i prestiti senior garantiti in essere a 450 milioni di dollari
- Estendere la data di scadenza al 2032
- Istituire una linea di credito revolving di 50 milioni di dollari della durata di tre anni
I proventi saranno utilizzati per ridurre il capitale del prestito senior garantito esistente, pagare le spese correlate e supportare scopi aziendali generali. Le obbligazioni saranno offerte esclusivamente a investitori istituzionali qualificati ai sensi della Regola 144A e a persone non statunitensi ai sensi della Regolamentazione S.
Walker & Dunlop (WD) ha anunciado planes para ofrecer 400 millones de dólares en notas senior no garantizadas con vencimiento en 2033 a través de una colocación privada. Las notas estarán garantizadas en una base senior no garantizada por ciertas subsidiarias de la empresa.
Simultáneamente, la compañía planea enmendar su acuerdo de préstamo a plazo senior garantizado para:
- Reducir los préstamos a plazo senior garantizados pendientes a 450 millones de dólares
- Extender la fecha de vencimiento a 2032
- Establecer una línea de crédito revolving de 50 millones de dólares por un período de tres años
Los ingresos se utilizarán para reducir el capital del préstamo senior garantizado existente, pagar tarifas relacionadas y apoyar propósitos corporativos generales. Las notas se ofrecerán exclusivamente a compradores institucionales calificados bajo la Regla 144A y a personas no estadounidenses bajo la Regulación S.
Walker & Dunlop (WD)는 2033년 만기인 4억 달러의 선순위 무담보 채권을 사모 방식으로 발행할 계획을 발표했습니다. 이 채권은 특정 자회사가 선순위 무담보로 보증합니다.
동시에, 회사는 선순위 담보 대출 계약을 다음과 같이 수정할 계획입니다:
- 미지급 선순위 담보 대출을 4억 5천만 달러로 줄이기
- 만기일을 2032년으로 연장하기
- 3년 만기의 5천만 달러 회전 신용 시설을 설정하기
수익금은 기존 선순위 담보 대출의 원금을 줄이고 관련 수수료를 지불하며 일반 기업 목적을 지원하는 데 사용됩니다. 이 채권은 144A 규칙에 따라 자격을 갖춘 기관 투자자에게만 제공되며, S 규정에 따라 비미국인에게 제공됩니다.
Walker & Dunlop (WD) a annoncé des plans pour offrir 400 millions de dollars en obligations senior non garanties arrivant à échéance en 2033 par le biais d'un placement privé. Les obligations seront garanties sur une base senior non garantie par certaines filiales de l'entreprise.
Simultanément, la société prévoit de modifier son accord de prêt senior garanti pour :
- Réduire les prêts senior garantis en cours à 450 millions de dollars
- Étendre la date d'échéance à 2032
- Établir une facilité de crédit revolving de 50 millions de dollars d'une durée de trois ans
Les produits seront utilisés pour réduire le capital du prêt senior garanti existant, payer les frais associés et soutenir des fins d'entreprise générales. Les obligations seront offertes exclusivement à des acheteurs institutionnels qualifiés en vertu de la règle 144A et à des personnes non américaines en vertu de la réglementation S.
Walker & Dunlop (WD) hat Pläne angekündigt, 400 Millionen Dollar in unbesicherten Senior-Anleihen mit Fälligkeit im Jahr 2033 über eine Privatplatzierung anzubieten. Die Anleihen werden auf unbesicherte Senior-Basis von bestimmten Tochtergesellschaften des Unternehmens garantiert.
Gleichzeitig plant das Unternehmen, seinen Vertrag über das senior gesicherte Darlehen zu ändern, um:
- Die ausstehenden senior gesicherten Darlehen auf 450 Millionen Dollar zu reduzieren
- Das Fälligkeitsdatum auf 2032 zu verlängern
- Ein dreijähriges 50 Millionen Dollar revolvierendes Kreditfazilität einzurichten
Die Erlöse werden verwendet, um das bestehende Kapital des senior gesicherten Darlehens zu reduzieren, damit verbundene Gebühren zu zahlen und allgemeine Unternehmenszwecke zu unterstützen. Die Anleihen werden ausschließlich an qualifizierte institutionelle Käufer gemäß Regel 144A und an Nicht-US-Personen gemäß Regulation S angeboten.
- Secured $400M in new financing through senior unsecured notes
- Extended debt maturity profile to 2032-2033
- Added $50M revolving credit facility for increased financial flexibility
- Increased total debt burden with $400M notes offering
- Higher interest expenses expected from new debt structure
Insights
Walker & Dunlop's $400 million senior unsecured notes offering alongside the amendment of its senior secured term loan marks a significant debt restructuring that enhances the company's financial flexibility. By extending its debt maturity timeline to 2032-2033, W&D is effectively pushing out repayment obligations by several years, which reduces near-term refinancing pressure in what remains an elevated interest rate environment.
The transition from secured to unsecured debt for a portion of their capital structure indicates strong lender confidence in W&D's financial stability. Unsecured notes typically offer more operational flexibility as they don't require specific collateral. Meanwhile, reducing the outstanding senior secured term loans to $450 million while adding a $50 million revolving credit facility provides additional liquidity options for opportunistic growth or managing through market volatility.
This refinancing aligns with best practices in financial management where companies seek to ladder debt maturities and diversify funding sources. For commercial real estate finance firms like Walker & Dunlop, having robust and flexible financing structures is critical for maintaining competitive positioning, especially given potential market cyclicality. The transaction should optimize W&D's weighted average cost of capital while maintaining strategic optionality for future growth initiatives.
Concurrently with the closing of the notes offering, the Company intends to amend and restate its senior secured term loan agreement (together with the notes offering, the “transactions”) to reduce the amount of outstanding senior secured term loans to
The Company intends to use the proceeds from the transactions to reduce the outstanding principal amount under the existing senior secured term loan agreement, together with accrued and unpaid interest thereon, to pay related fees and expenses and for general corporate purposes. The closing of the transactions is subject to market and other customary conditions.
The notes have not been and will not be registered under the Securities Act, or the securities laws of any state or other jurisdiction, and may not be offered or sold in
This press release does not constitute an offer to sell or a solicitation of an offer to buy, nor will there be any sale of, the notes in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.
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 expected amount, terms of and anticipated closing date for the notes offering and 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250302311669/en/
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
Phone 301.215.5500
7272 Wisconsin Avenue, Suite 1300
Source: Walker & Dunlop, Inc.
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