Altisource Announces Intention to Raise Senior Secured Term Loan
LUXEMBOURG, Nov. 1, 2012 (GLOBE NEWSWIRE) -- In its recent investor call and Quarterly Report on Form 10-Q, Altisource™ (Nasdaq: ASPS) discussed its intention to borrow $200 million, subject to market and other conditions. Altisource is in the process of negotiating a $200 million Senior Secured Term Loan ("SSTL") with a syndicate of lenders, the net proceeds of which are expected to be used to capitalize Altisource Residential Corporation and Altisource Asset Management Corporation prior to their separation from Altisource, and for general corporate purposes including potential acquisitions. Altisource currently expects to close the SSTL in November. The Company noted further that notwithstanding the current intention to incur debt, there can be no assurance that sufficient debt capacity will be available as needed on terms acceptable to the Company.
This press release contains forward-looking statements that involve a number of risks and uncertainties. Those forward-looking statements include all statements that are not historical fact, including statements about management's beliefs and expectations. Forward-looking statements are based on management's beliefs as well as assumptions made by and information currently available to management. Because such statements are based on expectations as to future economic performance and are not statements of historical fact, actual results may differ materially from those projected. The Company undertakes no obligation to update any forward-looking statements whether as a result of new information, future events or otherwise. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to: Altisource's ability to retain existing customers and attract new customers; general economic and market conditions; governmental regulations, taxes and policies; availability of adequate and timely sources of liquidity and debt financing; and other risks and uncertainties detailed in the "Forward-Looking Statements," "Risk Factors" and other sections of the Company's Form 10-K and other filings with the Securities and Exchange Commission.
Altisource Portfolio Solutions S.A. (Nasdaq: ASPS) is a global provider of services focused on high-value, technology-enabled knowledge-based solutions principally related to real estate and mortgage portfolio management, asset recovery and customer relationship management. Additional information is available at www.altisource.com.