8-K
filed February 3, 2023, 6:59 PM ET
ticker ASPS
CIK 0001462418
debt
confidence high
sentiment positive
materiality 0.75
Altisource enters debt restructuring with 98% of lenders; Q4 Adj EBITDA turns positive at $0.6M
ALTISOURCE PORTFOLIO SOLUTIONS S.A.
- Lenders holding ~98% of existing term loans agreed to exchange for new first-lien loans due April 2025 (option to extend to April 2026 with conditions).
- Interest rate SOFR+5% cash+5% PIK; PIK component can be reduced based on par paydown up to $70M+.
- Lenders receive warrants for up to 19.99% of common stock at $0.01/share, subject to reduction based on par paydown.
- Preliminary Q4 2022 Adjusted EBITDA of $0.6M, a $9.4M improvement vs Q4 2021; FY2022 gross margin improved to 15% (from 4% in 2021).
- Foreclosure initiations up 409% YoY and foreclosure sales up 39% YoY; company expects benefit from default market recovery.
Key facts
Extracted from this filing and checked against the source text.
Earnings Releases
SEC 8-K Item 2.02
confidence 0.9
ALTISOURCE PORTFOLIO SOLUTIONS S.A. reported preliminary financial results for the full year 2022.
- Period
- the full year 2022
- Result
- preliminary results
Exact text from the filing
Luxembourg, February 3, 2023 - Altisource Portfolio Solutions S.A. ("Altisource" or the "Company") (NASDAQ: ASPS), a leading provider and marketplace for the real estate and mortgage industries, today reported preliminary financial results for the fourth quarter and full year 2022.
View on SEC.gov
Earnings Releases
SEC 8-K Item 2.02
confidence 0.9
ALTISOURCE PORTFOLIO SOLUTIONS S.A. reported preliminary financial results for the fourth quarter 2022.
- Period
- the fourth quarter 2022
- Result
- preliminary results
Exact text from the filing
Luxembourg, February 3, 2023 - Altisource Portfolio Solutions S.A. ("Altisource" or the "Company") (NASDAQ: ASPS), a leading provider and marketplace for the real estate and mortgage industries, today reported preliminary financial results for the fourth quarter and full year 2022.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
ALTISOURCE PORTFOLIO SOLUTIONS S.A. entered into Transaction Support Agreement with certain holders (the 'Applicable Term Loan Lenders') of term loans under its existing credit agreement.
- Action
- entry
- Agreement
- credit facility
- Counterparty
- certain holders (the 'Applicable Term Loan Lenders') of term loans under its existing credit agreement
Exact text from the filing
Altisource and certain of its subsidiaries, the Applicable Term Loan Lenders and lenders holding approximately 98% of the aggregate principal amount of the Existing Term Loans have entered into a transaction support agreement (together with all exhibits, annexes and schedules thereto, the “Transaction Support Agreement”), including a term sheet (the “Term Sheet”) setting forth the principal terms of, among other things, a proposed refinancing of the Company’s Existing Credit Agreement, subject to execution of definitive agreements and approval of lenders holding 99% in aggregate principal amount of the Existing Term Loans.
View on SEC.gov
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