Walker & Dunlop, Inc. (NYSE: WD) (the "Company") announced today that it has completed a repricing of its senior secured term loan, reducing the spread to 300 basis points over 30-day LIBOR from 425 basis points over 30-day LIBOR. The reduction in the interest rate will result in annual savings of approximately $2 million.
Chief Financial Officer Steve Theobald stated, "Walker & Dunlop's sustained top and bottom line growth and consistent financial performance since we raised this term debt in December 2013 has created strong market demand for our debt, allowing us to realize significant interest savings over the next few years with this repricing. Our trailing 12-month adjusted EBITDA has grown from $57 millionfor December 31, 2013 to $181 million for September 30, 2017, reflective of the Company's core operating performance and profitable business model."
The outstanding principal balance of Walker & Dunlop's term loan was $166.5 million as of September 30, 2017. There are no other significant changes to the debt or its related covenants as a result of the amendment.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD), headquartered in Bethesda, Maryland, is one of the largest commercial real estate services and finance companies in the United States providing financing and investment sales to owners of multifamily and commercial properties. Walker & Dunlop, which is included in the S&P SmallCap 600 Index, has over 600 professionals in 28 offices across the nation with an unyielding commitment to client satisfaction.
