General World News

Under stress, loanDepot ‘buys time’ with plan to extend $500M debt

California-based loanDepot plans to extend its $497.8 million in senior notes due in the fourth quarter of 2025 at a lower maturity and a higher interest rate. The transaction reflects a business under stress but brings temporary relief to the company’s financials, analysts told HousingWire. 

loanDepot subsidiary LD Holdings Group LLC announced on June 4 that it amended the terms of its previously commenced offer to exchange senior notes of 6.5% due in 2025 for newly senior secured notes due on Nov. 1, 2027. The new debt will pay 8.75% — an incremental 0.5% per year.

The details ⇒

BusinessMediaguide.Com portal received this content from this noted web source: HousingWire.Com