Walter Investment Management Corp. Announces New $15 Million Senior Credit Facility
24 April 2009 - 10:00PM
PR Newswire (US)
TAMPA, Fla., April 24 /PRNewswire-FirstCall/ -- Walter Investment
Management Corp. (NYSE Amex: WAC) announced today it obtained a
Senior Credit Facility from SunTrust Bank and Regions Bank
(together, the "Lenders"). The Senior Credit Facility can be used
to finance working capital needs, letters of credit and for other
general corporate purposes of the Company and its subsidiaries. The
facility will augment the Company's existing liquidity position.
The Senior Credit Facility is a $15 million revolving credit
facility with a $10 million sublimit for the issuance of standby
letters of credit and a $5 million sublimit for swingline loans.
The Senior Credit Facility's termination date. "We are pleased to
complete this component of establishing Walter Investment
Management Corp.'s position as a stand-alone public company," said
Mark J. O'Brien, Chairman and Chief Executive Officer. "We look
forward to strengthening our relationship with our Lenders and
believe the establishment of this Senior Credit Facility, given the
current market conditions, demonstrates confidence in the Company."
Please refer to the Current Report on Form 8-K filed with the
Securities and Exchange Commission for additional details
concerning the terms of the Senior Credit Facility. About Walter
Investment Management Corp. Walter Investment Management Corp. is a
mortgage servicer and portfolio owner specializing in subprime,
non-conforming and other credit-challenged mortgage assets. Based
in Tampa, Fla., the Company currently has $1.8 billion of assets
under management and pro-forma annual revenues of approximately
$200 million. The Company is structured as a real estate investment
trust ("REIT") and employs approximately 225 people. Safe Harbor
Statement Certain statements in this release may constitute
"forward-looking" statements as defined in Section 27A of the
Securities Act of 1933, as amended and Section 21E of the
Securities Exchange Act of 1934, as amended. Walter Investment
Management Corp. is including this cautionary statement to make
applicable and take advantage of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Statements that
are not historical fact are forward-looking statements. The use of
words such as "expect," "anticipate," "project," "estimate,"
"forecast," "objective," "plan," "goal" and similar expressions is
intended to identify forward looking statements. Such
forward-looking statements involve known and unknown risks,
uncertainties and other important factors that could cause the
actual results, performance or achievements, to differ materially
from future results, performance or achievements. The
forward-looking statements are based on the Company's current
belief, intentions and expectations. These statements are not
guarantees or indicative of future performance. The Company's
future financial condition and results of operations, as well as
any forward-looking statements, are subject to change and inherent
risks and uncertainties. These risks and uncertainties are
contained in Walter Investment Management Corp.'s Registration
Statement on Form S-4 dated February 17, 2009, the Risk Factors
described in Walter Investment Management Corp's 2008 Annual Report
on Form 10-K, and Walter Investment Management Corp.'s other
filings with the Securities and Exchange Commission. Walter
Investment Management Corp. undertakes no obligation to update its
forward-looking statements as of any future date. In addition, the
following important factors and assumptions could affect the
Company's future results and could cause actual results to differ
materially from those expressed in the forward looking statements:
-- Integration of the former Hanover Capital Mortgage Holdings,
Inc. business into that of Walter Investment Management, LLC and
its affiliates (the "Merger"); -- The Company's continued
qualification as a REIT for Federal Income Tax Purposes; -- Local,
regional, national and global economic trends and developments in
general; and local, regional and national real estate and
residential mortgage market trends and developments in particular;
-- Financing sources and availability, and future interest expense;
-- Changes in federal, state and local policies, laws and
regulations affecting mortgage financing or servicing; --
Anticipated business development activities and future capital
expenditures; and -- Future performance generally. All forward
looking statements set forth herein are qualified by these
cautionary statements and are made only as of April 24, 2009. The
Company undertakes no obligation to update or revise the
information contained herein whether as a result of new
information, subsequent events or circumstances or otherwise,
unless otherwise required by law. DATASOURCE: Walter Investment
Management Corp. CONTACT: Whitney Finch, Director, Investor
Relations, of Walter Investment Management Corp., +1-813-872-7196,
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