Lakeview Loan shops amendment and extension, incremental loan

By Sara Rosenberg

New York, Nov. 20 – Lakeview Loan Servicing LLC is in market with an amendment and extension of its existing term loan B and term loan A debt, and a new fungible $100 million incremental delayed-draw term loan A according to a market source.

Under the extension, the $294.8 million term loan B due October 2022 would be extended to seven years from closing and the $780 million term loan A due April 2022 would be extended to five years from closing, the source said.

Price talk on the extended term loan B is Libor plus 375 basis points with a 0.5% Libor floor and an original issue discount of 99.5, a lift from current pricing of Libor plus 325 bps with a 0.5% Libor floor.

The extended term loan A and incremental delayed-draw term loan are talked at Libor plus 300 bps with a 0.5% Libor floor, in line with existing term loan A pricing, the source continued. Lenders are being offered 25 bps for the term loan A and incremental delayed-draw term loan A.

M&T Bank is the left lead on the deal that launched with a call on Wednesday.

Proceeds from the incremental delayed-draw term loan A will be used for the acquisition of mortgage servicing rights.

Commitments are due end of day on Dec. 4, the source added.

Lakeview Loan is a Coral Gables, Fla.-based mortgage finance company.

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