Walker & Dunlop (WD) priced an amended $450 million senior secured credit agreement.
The term loan under the amended agreement will initially pay interest at a rate equal to SOFR plus 2%, the company said Friday in a statement.
After the first full fiscal quarter ending after the closing date, the interest margin on the loan will be subject to a 25 basis points step down if Walker & Dunlop's total leverage ratio is equal to or less than 2-to-1.
The amended agreement will include a $50 million three-year revolving credit facility that will pay interest at a rate equal to SOFR plus 1.75%, the company said.
Proceeds from an offering of $400 million of notes due 2033 and the amended credit agreement will be to reduce the principal amount under a term loan agreement, among other things.
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