BETHESDA, Md., March 16, 2015 /PRNewswire/ -- Walker &
Dunlop, Inc. (the "Company") (NYSE: WD) announced today the
commencement of a public secondary offering of 8,246,534 shares of
the Company's common stock, par value $0.01 per share, held by funds managed by
affiliates of Fortress Investment Group LLC (NYSE: FIG)
("Fortress"). Morgan Stanley & Co. LLC will act as the
underwriter of the offering (the "Underwriter").The Company will
not receive any proceeds from the offering of the shares by the
Fortress funds.
In addition, the Company announced that it will repurchase from
the Underwriter 3,000,000 shares being sold by the Fortress funds
concurrently with, and subject to, the closing of the
offering. The Company's per-share price will be the same as
the per-share price payable by the Underwriter to the Fortress
funds. The repurchased shares will no longer be outstanding
following the completion of the offering. The Company expects
to fund the share repurchase with cash on hand.
As of completion of the offering, if fully subscribed, and the
repurchase, the Fortress funds will no longer hold shares in Walker
& Dunlop. The repurchase is not part of any broader repurchase
plan that the Company has in place.
The Underwriter may offer the shares from time to time for sale
in one or more transactions on the New York Stock Exchange, in the
over-the-counter market, through negotiated transactions or
otherwise at market prices prevailing at the time of sale, at
prices related to prevailing market prices or at negotiated
prices.
The offering of the shares will be made under the Company's
shelf registration statement, which was previously declared
effective by the Securities and Exchange Commission. The offering
will be made only by means of a prospectus supplement and
prospectus, which will be filed with the Securities and Exchange
Commission. A copy of the prospectus supplement and prospectus
related to the offering can be obtained when available by
contacting Morgan Stanley & Co. LLC, Prospectus Department, 180
Varick Street, Second Floor, New York,
New York 10014.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of our
common stock in any state or other jurisdiction in which such an
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or
jurisdiction.
About Walker & Dunlop
Walker & Dunlop
(NYSE: WD), headquartered in Bethesda,
Maryland, is one of the premier commercial real estate
finance companies in the nation. The firm's scaled lending
platform provides customers with a comprehensive suite
of financing solutions for multifamily and commercial
properties located across the United States. Walker &
Dunlop has more than 450 professionals with an unyielding
commitment to client satisfaction located in 22 offices
nationwide.
Forward Looking Statements
Some of the
statements contained in this press release may constitute
forward-looking statements within the meaning of the federal
securities laws. Forward-looking statements relate to expectations,
projections, plans and strategies, anticipated events or trends and
similar expressions concerning matters that are not historical
facts. In some cases, you can identify forward-looking statements
by the use of forward-looking terminology such as ''may,''
''will,'' ''should,'' ''expects,'' ''intends,'' ''plans,''
''anticipates,'' ''believes,'' ''estimates,'' ''predicts,'' or
''potential'' or the negative of these words and phrases or similar
words or phrases that are predictions of or indicate future events
or trends and which do not relate solely to historical matters. You
can also identify forward-looking statements by discussions of
strategy, plans or intentions.
The forward-looking statements contained in this press release
reflect our current views about future events and are subject to
numerous known and unknown risks, uncertainties, assumptions and
changes in circumstances that may cause actual results to differ
significantly from those expressed or contemplated in any
forward-looking statement.
While forward-looking statements reflect our good faith
projections, assumptions and expectations, they are not guarantees
of future results. Furthermore, we disclaim any obligation to
publicly update or revise any forward-looking statement to reflect
changes in underlying assumptions or factors, new information, data
or methods, future events or other changes, except as required by
applicable law. Factors that could cause our results to differ
materially include, but are not limited to: (1) general economic
conditions and multifamily and commercial real estate market
conditions, (2) regulatory and or legislative changes to Freddie
Mac, Fannie Mae or HUD, (3) our ability to retain
and attract loan originators and other professionals, and (4)
changes in federal government fiscal and monetary policies,
including any constraints or cuts in federal funds allocated to HUD
for loan originations.
For a further discussion of these and other factors that could
cause future results to differ materially from those expressed or
contemplated in any forward-looking statements, see the section
entitled ''Risk Factors" in our most recent Annual Report on Form
10-K and in our subsequent SEC filings.
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SOURCE Walker & Dunlop, Inc.