BETHESDA, Md., Nov. 7, 2018 /PRNewswire/ -- Walker & Dunlop, Inc. (the "Company") announced today that it has closed on the refinance of its senior secured seven-year term loan. The refinance launched at $250 million but was increased to $300 million due to strong demand from institutional investors. The term loan amortizes at a rate of $3 million per year and bears interest at 30-day LIBOR plus 2.25 percent, a 75 basis point reduction in interest spread from the Company's existing senior credit facility. Wells Fargo served as Administrative Agent and Joint Lead Arranger with JPMorgan.
Proceeds from the offering will be used to repay the Company's existing senior secured term loan of $165 million, fund strategic acquisition opportunities, grow its asset management platform, increase balance sheet lending capabilities, and support dividend payments and share repurchase activities.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD), headquartered in Bethesda, Maryland, is one of the largest commercial real estate finance companies in the United States. The company provides a comprehensive range of capital solutions for all commercial real estate asset classes, as well as investment sales brokerage services to owners of multifamily properties. Walker & Dunlop is included on the S&P SmallCap 600 Index and was ranked as one of FORTUNE Magazine's Fastest Growing Companies in 2014, 2017, and 2018. Walker & Dunlop's 700+ professionals in 29 offices across the nation have an unyielding commitment to client satisfaction.
Forward Looking Statements
The statements contained in this press release regarding planned use of proceeds constitute forward-looking statements within the meaning of the federal securities laws.
The forward-looking statements 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 the 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.
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, as it may be updated or supplemented by our Quarterly Reports on Form 10-Q and our other filings with the SEC. Such filings are available publicly on our Investor Relations web page at www.walkerdunlop.com.
SOURCE Walker & Dunlop, Inc.