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Walter Investment seeks credit waivers in light of issue on financial statements

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Walter Investment seeks credit waivers in light of issue on financial statements

Walter Investment Management Corp. has sought waivers to certain provisions of credit and financing arrangements involving the company and its subsidiaries after disclosing that previously issued financial statements and information in its annual report for 2016 and in its quarterly filings for the last three quarters should no longer be relied upon.

The waivers, which expire June 9, waive any default, event of default, amortization event, termination event or similar event resulting from the restatement. Some of the company's lenders have reduced advance rates and required other changes to the terms of certain facilities. The company intends to get additional waivers or extensions.

The company secured on May 26 a limited waiver to its amended and restated receivables loan agreement, dated May 2, 2012, by and among Green Tree Advance Receivables II LLC, as borrower, Ditech Financial LLC, as administrator, Wells Fargo Bank NA, as calculation agent, verification agent, account bank and securities intermediary and Wells Fargo Capital Finance LLC, as agent and sole lender.

The company obtained on May 29 limited waivers to amended and restated master repurchase agreement, dated May 22, among Reverse Mortgage Solutions Inc. and RMS REO BRC LLC, as sellers, and Barclays Bank PLC, as purchaser and agent. It also secured limited waivers to amended and restated master repurchase agreement, dated Feb. 21, among Credit Suisse First Boston Mortgage Capital LLC, as administrative agent, Credit Suisse AG, acting through its Cayman Islands Branch, as committed buyer and buyer, Alpine Securitization LTD, as buyer, Reverse Mortgage Solutions Inc., as seller and RMS REO CS LLC.

The company said it had received similar limited waivers from other warehouse and advance facility lenders.

Walter Investment is also trying to delever its balance sheet in the near term to maintain access to the loan and capital markets on commercially acceptable terms. It has hired Weil Gotshal & Manges LLP and Houlihan Lokey as its legal and investment banking debt restructuring advisers, respectively. The company has also hired Alvarez & Marsal North America LLC as its financial debt restructuring adviser.