Altisource amends credit facility, extends maturity to 2025, issues warrants, and launches public stock offering

ALTISOURCE PORTFOLIO SOLUTIONS S.A.

Entered into Second Amendment to term loan, extending maturity to April 30, 2025, with possible extension to April 2026 if $30M+ par paydown.
Lenders receive warrants for up to 19.99% of common stock at $0.01 per share, subject to reduction based on par paydown.
Revolver amended: $15M facility with 10% cash + 3% PIK interest, maturity aligned with term loans.
Preliminary Q4 2022: service revenue $32.8M, net loss $11.3M, Adjusted EBITDA $0.6M; full year net loss $53.4M.
Company commenced underwritten public offering of common stock; no terms disclosed in filing.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

ALTISOURCE PORTFOLIO SOLUTIONS S.A. amended Second Amendment with Morgan Stanley Senior Funding, Inc. as administrative agent and collateral agent (effective 2023-02-09).

Action: amendment
Agreement: credit facility
Counterparty: Morgan Stanley Senior Funding, Inc. as administrative agent and collateral agent
Effective: 2023-02-09

Exact text from the filing

On February 9, 2023, Altisource Portfolio Solutions S.A. (“Altisource”, and together with its subsidiaries, the “Company”) including its wholly-owned subsidiary Altisource S.a.r.l. (the “Borrower”) and its subsidiary guarantors, entered into an Amendment No. 2 (the “Second Amendment”) to its existing credit agreement dated as of April 3, 2018, among the Borrower, Altisource, the lenders from time to time party thereto, and Morgan Stanley Senior Funding, Inc. as administrative agent and collateral agent, as previously amended (the “Existing Credit Agreement”; the Existing Credit Agreement, as amended by the Second Amendment, the “Amended Credit Agreement”).

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ALTISOURCE PORTFOLIO SOLUTIONS S.A. filing history →

Source: SEC EDGAR

accession 0001462418-23-000008

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