Mortgage and Real Estate industry service provider secures a revolving line of credit for general corporate purposes
LUXEMBOURG, June 23, 2021 (GLOBE NEWSWIRE) -- Altisource Portfolio Solutions S.A. (NASDAQ: ASPS), an integrated service provider and marketplace for the real estate and mortgage industries, announced that its subsidiary Altisource S.à r.l. (“Altisource”) signed an agreement with STS Mater Fund, Ltd. (the “Lender”), an investment fund managed by Deer Park Road Management Company, LP (“Deer Park”), on June 22, 2021 providing Altisource with a revolving line of credit for general corporate purposes (the “Credit Agreement”). The term of the Credit Agreement is three years.
Under the terms of the Credit Agreement, the Lender will make loans to Altisource from time to time, in amounts requested by Altisource and Altisource may voluntarily prepay all or any portion of the outstanding loans. The Credit Agreement provides Altisource the ability to borrow up to $20 million through June 22, 2022, up to $15 million through June 22, 2023, and up to $10 million until the end of the term. The Credit Agreement contains no financial covenants.
“We are pleased to secure this revolver from Deer Park. This demonstrates Deer Park’s confidence in Altisource’s long term prospects and provides us with additional liquidity while we are temporarily impacted by the pandemic. We anticipate that demand for our default related business will begin to return at the end of this year and stabilize in 2023. We also continue to make progress with our origination business and believe it will be a significant contributor to growth and shareholder value,” said Chairman and Chief Executive Officer William B. Shepro.
Deer Park is an owner of 23.78% of the outstanding shares of common stock of Altisource Portfolio Solutions S.A. Altisource Portfolio Solutions S.A. earlier today filed the Credit Agreement with a Form 8-K.
Altisource Portfolio Solutions S.A. (NASDAQ: ASPS) is an integrated service provider and marketplace for the real estate and mortgage industries. Combining operational excellence with a suite of innovative services and technologies, Altisource helps solve the demands of the ever-changing markets it serves. Additional information is available at Altisource.com.
Source: Altisource Portfolio Solutions S.A.