Altisource enters debt restructuring: reduces debt $58M, extends maturity 5 years, grants 63.5% equity to lenders

ALTISOURCE PORTFOLIO SOLUTIONS S.A.

Reduces debt by $58M (25%) to $172.5M: up to $110M term loan, $50M exit fee, $12.5M super senior facility.
Annual cash and PIK interest cut by ~$18M; maturity extended to April 30, 2030 from April 30, 2025.
Lenders get 57.9M shares (63.5% of pro forma equity); shareholders receive warrants for ~115M shares at $1.20.
New debt rate SOFR+6.50% (current ~10.9%) vs existing SOFR+8.75%; super senior facility has 10% OID.
Transactions require shareholder approval by March 31, 2025; preliminary proxy due by Dec 31, 2024.

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