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Altisource Announces Execution of an Amendment of the Company’s Term Loans and Revolving Credit Agreement
LUXEMBOURG, Feb. 10, 2023 (GLOBE NEWSWIRE) -- Altisource Portfolio Solutions S.A. (“Altisource” or the “Company”) (NASDAQ: ASPS), a leading provider and
About this update from Altisource Portfolio Solutions S.a.
[{"type":"text","content":"LUXEMBOURG, Feb. 10, 2023 (GLOBE NEWSWIRE) -- Altisource Portfolio Solutions S.A. (“Altisource” or the “Company”) (NASDAQ: ASPS), a leading provider and marketplace for the real estate and mortgage industries, today announced that it executed an amendment to the Company’s term loans on February 9, 2023 (the “Term Loan Amendment\") which the parties anticipate will close on February 14, 2023. The Term Loan Amendment, among other things, extends the maturity date to April 2025 with an option to extend to April 2026, subject to certain prepayment and other terms and conditions. Altisource also executed an amendment to the Company’s revolving credit agreement with STS Master Fund, Ltd. on February 9, 2023 (the “Revolving Credit Agreement Amendment”) which is also scheduled to close on February 14, 2023. The Revolving Credit Agreement Amendment provides a revolving credit facility of $15 million with a maturity date coterminous with the Term Loan Amendment maturity date, as it may be extended. The descriptions of each of the Term Loan Amendment and the Revolving Credit Agreement Amendment are not complete and are described in more detail in the Altisource 8-K dated February 9, 2023. The closing of the Term Loan Amendment, the Revolving Credit Agreement Amendment and the effectiveness of the amendments to the existing credit agreement and revolving credit facility contemplated thereby are subject to various closing conditions. The transactions described above were undertaken pursuant to the Transaction Support Agreement dated February 2, 2023, a copy of which is attached as Exhibit 10.1 to Altisource’s Current Report filed on Form 8-K dated February 3, 2023. There can be no assurance that the closings of the transactions will occur on February 14, 2023, or at all. The Company believes the execution of the Term Loan Amendment and Revolving Credit Agreement Amendment are important steps to help position the Company for future success as Altisource’s largest and most profitable segment benefits from the anticipated recovery of the residential default-related market following the expiration of the pandemic related borrower relief measures. The Company intends to use proceeds from its recently announced sale of common stock, which is expected to close on or about February 14, 2023, for repayment of certain indebtedness and, potentially, fo...