We advised an ad hoc group of lenders in connection with the transaction

Davis Polk advised an ad hoc group of term loan lenders to Altisource in connection with amendments extending the maturity of its $247.2 million term loan facility and $15 million revolving credit facility. Participating lenders holding approximately 99.8% of Altisource’s term loans agreed to extend the maturity of the term loan facility to April 2025 (with an option for Altisource to extend the maturity to April 2026 upon making specified prepayments funded by equity raises within the first year) and received their pro rata share of warrants for an aggregate amount of up to 19.99% of the outstanding number of shares of Altisource immediately prior to the closing, subject to reduction based on the amount of prepayments funded by equity raises made by the company within the first year. The company also closed on a confidentially marketed public offering generating net proceeds of approximately $21.2 million in conjunction with the amendment of the term loan facility.

Altisource is a leading provider and marketplace for the real estate and mortgage industries, offering portfolio management and technology products, asset recovery and customer relationship management services.

The Davis Polk restructuring team included partner Damian S. Schaible, counsel Jon Finelli and Robert (Bodie) Stewart and associates Dylan A. Consla and Stella Li. The finance team included associate Jonathan B. Markowitz. The corporate team included partner Stephen Salmon and associate Alex DeGroat. The equity derivatives team included partner Caitlin L. Wood and counsel Justin Michael. The tax team included partner Corey M. Goodman and counsel Tracy L. Matlock. Members of the Davis Polk team are based in the New York and Northern California offices.