Walker & Dunlop issues $400M 6.625% senior notes due 2033, refinances term loan

Walker & Dunlop, Inc.

Issued $400M aggregate principal amount of senior unsecured notes due April 1, 2033, bearing interest at 6.625% per annum.
Entered amended and restated credit agreement providing $450M term loan maturing March 14, 2032, and $50M revolving credit facility maturing March 14, 2028.
Proceeds used to refinance and reduce the prior $800M term loan and for general corporate purposes.
Notes are guaranteed on a senior unsecured basis by certain subsidiaries; contain change of control repurchase at 101%.
Credit agreement includes financial covenant requiring Asset Coverage Ratio not less than 1.50 to 1.00, tested quarterly.

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