UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
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Item 1.01. Entry into a Material Definitive Agreement.
On May 22, 2024, Walker & Dunlop, Inc. (the “Company”) entered into Amendment No. 2 (the “Amendment”) to the Credit Agreement, dated as of December 16, 2021, by and among the Company, as borrower, JPMorgan Chase Bank, N.A., a national banking association (“JPM”), as administrative agent (in such capacity, the “Administrative Agent”), the several banks and other financial institutions or entities from time to time party thereto (the “Lenders”), and the other parties thereto (as amended by that certain Lender Joinder Agreement and Amendment No. 1, dated as of January 12, 2023, and as further amended, restated, modified and supplemented from time to time, the “Credit Agreement”).
The Company entered into the Amendment to, among other things, refinance existing Incremental Term B Loans (as defined in the Credit Agreement) outstanding under the Credit Agreement with an aggregate principal amount of $198,000,000 that bear interest at a rate of adjusted Term SOFR plus 3.00% per annum, pursuant to an additional tranche of Initial Term Loans (as defined in the Credit Agreement) totaling $198,000,000, that is part of and fungible with the existing tranche of Initial Term Loans (the “Additional Initial Term Loans”), and bear interest at a rate of adjusted Term SOFR plus 2.25%.
The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the Amendment, which is filed as Exhibit 10.1 to this Current Report on Form 8-K.
JPM and its affiliates have various relationships with the Company and its affiliates involving the provision of financial services, including another credit facility under which an affiliate of the Company is a borrower, and investment banking.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03.
Item 9.01. Financial Statements and Exhibits.
| (d) | Exhibits. |
| Exhibit Number |
Description | |
| 10.1 | Amendment No. 2, dated as of May 22, 2024, to the Credit Agreement, dated as of December 16, 2021, by and among the Company, as borrower, JPMorgan Chase Bank, N.A., a national banking association, as administrative agent and an Incremental Term B Lender, the several banks and other financial institutions or entities from time to time party thereto, and the other parties thereto (as amended by that certain Lender Joinder Agreement and Amendment No. 1, dated as of January 12, 2023). | |
| 104 | | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Walker & Dunlop, Inc. | ||
| (Registrant) | ||
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Date: May 24, 2024 |
By: | /s/ Gregory A. Florkowski |
| Gregory A. Florkowski Executive Vice President and Chief Financial Officer |