Walker & Dunlop anounced that it priced its previously announced amended and restated senior secured credit agreement.

The $450 million term loan facility under the amended and restated credit agreement will initially bear interest at a rate equal to SOFR plus 2.00%. Following the first full fiscal quarter ending after the closing date, the applicable interest margin on the term loan facility will be subject to a 25 basis points step down if the Company’s total leverage ratio is equal to or less than 2.00 to 1.00, as defined in the credit agreement. J.P. Morgan Chase Bank, N.A. will serve as administrative agent and lead arranger under the term loan facility.

The amended and restated credit agreement will also include a three-year $50 million revolving credit facility that will bear interest at a rate equal to SOFR plus 1.75%. J.P. Morgan Chase Bank and Bank of America will provide the revolving credit facility commitments.

The Company intends to use the proceeds from its previously announced offering of $400 million aggregate principal amount of senior unsecured notes due 2033 and the amended and restated credit agreement to reduce the outstanding principal amount under its existing senior secured term loan agreement, together with accrued and unpaid interest thereon, to pay related fees and expenses and for general corporate purposes. The closing of the amended and restated credit agreement is subject to market and other customary conditions.