loanDepot exchanges 96% of 6.5% notes due 2025 for 8.75% secured notes due 2027; $477.96M tendered

loanDepot, Inc.

$477,955,000 (96.0%) of outstanding 6.500% Senior Notes due 2025 tendered and accepted; $340,646,000 of 8.750% Senior Secured Notes due 2027 issued plus ~$185M cash.
Remaining $19,795,000 of Old Notes outstanding after settlement expected June 24, 2024.
Consents obtained to eliminate substantially all restrictive covenants and release guarantees in the Old Notes indenture; supplemental indenture executed.
CEO Frank Martell calls transaction a positive milestone in Vision 2025 plan, citing de-levered balance sheet and extended debt maturity profile.
New Notes are secured and increase coupon from 6.5% to 8.75%; maturity extended to 2027.

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