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SEC Filings

10-K
DITECH HOLDING CORP filed this Form 10-K on 04/16/2019
Entire Document
 

20. Corporate Debt
Corporate debt consists of the following (dollars in thousands):
 
 
Successor
 
 
Predecessor
 
 
December 31, 2018
 
 
December 31, 2017
 
 
Amortized Cost
 
Weighted- Average Stated Interest Rate (1)
 
 
Amortized Cost
 
Weighted- Average Stated Interest Rate (1)
2018 Term Loan (unpaid principal balance of $961,356 at December 31, 2018)
 
$
933,402

 
8.52
%
 
 
$

 
%
Second Lien Notes (unpaid principal balance of $253,896 at December 31, 2018)
 
199,816

 
9.00
%
 
 

 
%
2013 Term Loan (unpaid principal balance of $1,229,590 at December 31, 2017)
 

 
%
 
 
1,214,663

 
5.31
%
Senior Notes (unpaid principal balance of $538,662 at December 31, 2017)
 

 
%
 
 
538,662

 
7.875
%
Convertible Notes (unpaid principal balance of $242,468 at December 31, 2017)
 

 
%
 
 
242,468

 
4.50
%
Subtotal
 
1,133,218

 
 
 
 
1,995,793

 
 
Less: Liabilities subject to compromise (2)
 

 
 
 
 
781,130

 
 
Total corporate debt
 
$
1,133,218

 
 
 
 
$
1,214,663

 
 
__________
(1)
Represents the weighted-average stated interest rate, which may be different from the effective rate, which considers the amortization of discounts and issuance costs.
(2)
Liabilities subject to compromise consists of the Senior Notes and Convertibles Notes at December 31, 2017. Refer to Note 2 for additional information.
The effective interest rate on corporate debt was 10.17%, 5.78% and 6.43% for the period from February 10, 2018 through December 31, 2018, the period from January 1, 2018 through February 9, 2018 and the year ended December 31, 2017, respectively.
The following table provides the contractual maturities (by unpaid principal balance) of corporate debt at December 31, 2018 (in thousands):
 
 
Successor
 
 
Corporate Debt
2019
 
$
110,100

2020
 
60,000

2021
 
60,000

2022
 
731,256

Thereafter (1)
 
299,836

Total
 
$
1,261,192

__________
(1)
Amount includes projected PIK Interest on the Second Lien Notes of $45.9 million.
2018 Credit Agreement
On February 9, 2018, the Company entered into the 2018 Credit Agreement, which included a $1.2 billion 2018 Term Loan. The 2018 Credit Agreement amended and restated the Company’s 2013 Credit Agreement and was subsequently amended as described below. The 2013 Revolver and issued letters of credit were terminated upon entry into the 2018 Credit Agreement. The Company's obligations under the 2018 Credit Agreement are guaranteed by substantially all of the Company’s subsidiaries and secured by substantially all of the assets of the Company subject to certain exceptions, the most significant of which are the assets of the consolidated Non-Residual Trusts, the residential loans and real estate owned of the Ginnie Mae securitization pools, and advances of the consolidated financing entities that have been recorded on the Company's consolidated balance sheets. Refer to the Consolidated Variable Interest Entities section of Note 5 for additional information.

F-61