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LoanDepot Inc. - Exchange Offer and Consent Solicitation Offer 2024 (US) - Final Results

loanDepot Announces Final Results of Exchange Offer - 521088AA2 - U5140UAA8

20 JUNE 2024


Full announcement including disclaimers and offer/distribution restrictions available via Businesswire: Source: Loan Depot Inc.


"IRVINE, Calif.--(BUSINESS WIRE)--loanDepot, Inc. (NYSE: LDI) (“loanDepot”) announced today the final results of the previously announced offer by its subsidiary LD Holdings Group LLC (the “Issuer”) to exchange any and all of its outstanding 6.500% Senior Notes due 2025 (the “Old Notes”) for newly issued 8.750% Senior Secured Notes due 2027 (“New Notes”).

“Moving forward, we have de-levered our balance sheet and significantly extended our debt maturity profile. At the same time, investments under Vision 2025 in our platforms, products and people position the company for accelerating growth and returning to profitability as the market returns to a healthier state.”

As of the expiration time of the exchange offer, approximately 96.0% of the Old Notes were tendered and accepted. As a result, the Issuer will pay cash totaling approximately $185 million and issue New Notes in an aggregate principal amount of $340,646,000 in exchange for the tendered Old Notes.


“The successful completion of our exchange offer is an important positive milestone achieved in our Vision 2025 Strategic Plan,” said President and Chief Executive Officer Frank Martell. “Moving forward, we have de-levered our balance sheet and significantly extended our debt maturity profile. At the same time, investments under Vision 2025 in our platforms, products and people position the company for accelerating growth and returning to profitability as the market returns to a healthier state.”



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loanDepot Announces Amendments to Exchange Offer and Consent Solicitation for 6.500% Senior Notes due 2025 - 521088AA2 - U5140UAA8

04 JUNE 2024


Full announcement including disclaimers and offer/distribution restrictions available via Businesswire: Source: Loan Depot Inc.


"IRVINE, Calif.--(BUSINESS WIRE)--loanDepot, Inc. (NYSE: LDI) (“loanDepot”) announced today that its subsidiary, LD Holdings Group LLC (the “Issuer”), has amended certain terms of its previously commenced offer to exchange (the “Exchange Offer”) any and all of its outstanding 6.500% Senior Notes due 2025 (the “Old Notes”) for newly issued Senior Secured Notes due 2027 (the “New Notes”), and a related consent solicitation upon the terms and conditions set forth in the Confidential Offering Memorandum and Consent Solicitation Statement dated May 20, 2024 (as supplemented by Supplement No.1 (the “Supplement”) to the Offering Memorandum and Consent Solicitation Statement dated June 4, 2024, the “Offering Memorandum and Consent Solicitation Statement”). Capitalized terms used but not defined herein shall have the meanings set forth in the Offering Memorandum and Consent Solicitation Statement.


As amended, the Exchange Offer will provide that the New Notes will pay interest at a rate of 8.750% (an incremental 0.500% per annum) and mature November 1, 2027. In addition, the mix of cash consideration and New Notes that comprise the Total Consideration as further described and illustrated below is being modified as follows:

The Issuer’s previous offer to exchange $850 principal amount of New Notes and $250 in cash for each $1,000 principal amount of Old Notes tendered at or prior to the Early Tender Time, and $850 principal amount of New Notes and $200 in cash for each $1,000 principal amount of Old Notes tendered at or prior to the Expiration Time, has been replaced by an offer to exchange a mixed consideration of $1,100 in cash and principal amount of New Notes for each $1,000 principal amount of Old Notes tendered at or prior to the Expiration Time. The maximum amount of cash consideration is $185 million and all of the cash consideration will be paid to holders of Old Notes tendered at or prior to the Expiration Time, on a pro rata basis. In addition to the cash consideration, holders of Old Notes tendered at or prior to the Expiration Time will also receive a principal amount of New Notes sufficient to cause the Total Consideration received by such holders to be equal to $1,100 in cash and principal amount of New Notes for each $1,000 principal amount of Old Notes tendered at or prior to the Expiration Time. Eligible Holders that validly tender Old Notes at or prior to the Expiration Time will also receive accrued and unpaid interest on the exchanged Old Notes from the last interest payment date prior to, but not including, the Settlement Date. Interest on the New Notes will accrue from the Settlement Date.


Solely for illustrative purposes, the below table shows the approximate Total Consideration for Old Notes Tendered at or prior to the Expiration Time, in the event that (a) all $497,750,000 of outstanding Old Notes are tendered at or prior to the Expiration Time and (b) 85% (representing the Minimum Tender Condition) of the outstanding Old Notes are tendered at or prior to the Expiration Time."



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loanDepot Commences Exchange Offer and Consent Solicitation for 6.500% Senior Notes due 2025 - 521088AA2 - U5140UAA8

20 MAY 2024


Full announcement including disclaimers and offer/distribution restrictions available via Businesswire: Source: Loan Depot Inc.


IRVINE, Calif.--(BUSINESS WIRE)--loanDepot, Inc. (NYSE: LDI) (“loanDepot”) announced today that its subsidiary, LD Holdings Group LLC (the “Issuer”), has commenced an offer (the “Exchange Offer”) to certain Eligible Holders (as defined below) to exchange any and all of its outstanding 6.500% Senior Notes due 2025 (the “Old Notes”) for newly issued 8.250% Senior Secured Notes due 2027 (the “New Notes”), and a related consent solicitation upon the terms and conditions set forth in the confidential Offering Memorandum and Consent Solicitation Statement dated May 20, 2024 (the “Offering Memorandum and Consent Solicitation Statement”).

The following table below summarizes the principal economic terms of the Exchange Offer:



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"In conjunction with the Exchange Offer, the Issuer is soliciting consents (the “Consent Solicitation”) to eliminate substantially all restrictive covenants and certain of the default provisions (the “Proposed Amendments”) in the indenture governing the Old Notes. Holders who tender their Old Notes in the Exchange Offer will be deemed to have submitted consents pursuant to the Consent Solicitation. The consummation of the Exchange Offer is not subject to, or conditioned upon, the receipt of the requisite consents or to any minimum amount of Old Notes being tendered for exchange. The consummation of the Exchange Offer and Consent Solicitation is subject to the satisfaction or waiver of certain conditions set forth in the confidential Offering Memorandum and Consent Solicitation Statement."


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