Altisource Portfolio Solutions Enters Agreement With Lenders For Term Loans Exchange And Extension

Altisource Portfolio Solutions

0.53 USD 4.09%

• Charts
• News
• Analysen

Kaufen / Verkaufen

(RTTNews) - Altisource Portfolio Solutions S.A. (ASPS), a provider and marketplace for the real estate and mortgage industries, announced that it entered into a binding transaction support agreement with lenders holding approximately 99% of the Company's term loans that set forth the principal terms of, among other things, a proposed exchange, amendment and maturity extension transaction of the Company's Existing Term Loans.

The company also executed a commitment letter and term sheet for a $12.5 million super senior credit facility to fund transaction costs and for general corporate purposes. The Company is engaged in outreach with the remaining lenders seeking to obtain their consent to the Agreement.

The transactions contemplated by the Agreement Would Reduce the Company's Current Outstanding Debt Obligations from an aggregate principal amount of $231 Million to, collectively, (i) an up to $110 Million Term Loan, (ii) an up to $50 Million Non-Interest Bearing Exit Fee and (iii) a $12.5 Million Super Senior Credit Facility, Decrease the Company's Annual Cash and PIK Interest by Approximately $18 million, Extend the Maturity Date of the Term Loan by Five Years, Grant Equity to Lenders, and Grant Warrants to shareholders.