UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 


 

FORM 8-K

 


 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): April 24, 2013

 


 

ALTISOURCE PORTFOLIO SOLUTIONS S.A.

(Exact name of Registrant as specified in its charter)

 


 

Luxembourg

 

001-34354

 

Not Applicable

(State or other jurisdiction of
incorporation)

 

(Commission File Number)

 

(I.R.S. Employer
Identification No.)

 

291, Route d’Arlon

L-1150 Luxembourg

Grand Duchy of Luxembourg

(Address of principal executive offices including zip code)

 

+352 2469 7900

(Registrant’s telephone number, including area code)

 

NOT APPLICABLE

(Former name or former address, if changed since last report)

 


 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

o            Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o            Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o            Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o            Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 



 

Item 8.01 Other Events.

 

Altisource Portfolio Solutions S.A. (the “Company”) announced on April 24, 2013, that it will hold a lenders meeting with regard to its wholly-owned subsidiary, Altisource Solutions S.à r.l., exercising the $200 million accordion feature of its senior secured term loan facility (the “SSTL”). The Company intends to use the additional capacity to fund the remainder of the previously announced transaction with Ocwen Financial Corporation related to the Residential Capital, LLC servicing portfolio, for stock repurchases and for general corporate purposes including potential acquisitions. Additionally, the Company announced it intends to seek amendments to the SSTL to, among other things, modify the covenants to increase its ability to repurchase the Company’s stock and certain other provisions of the SSTL (collectively, the “SSTL Amendments”).  A copy of the press release announcing discussion regarding the exercise of the accordion feature under the SSTL and the SSTL Amendments is filed herewith as Exhibit 99.1 and is hereby incorporated by reference herein.

 

Item 9.01 Financial Statements and Exhibits.

 

(d)         Exhibits

 

Exhibit No.

 

Description

Exhibit 99.1

 

Press Release of Altisource Portfolio Solutions S.A. dated April 24, 2013

 

2



 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: April 24, 2013

 

 

 

Altisource Portfolio Solutions S.A.

 

 

 

By:

/s/  Kevin J. Wilcox

 

Name:

Kevin J. Wilcox

 

Title:

Chief Administration Officer and General Counsel

 

3


Exhibit 99.1

 

GRAPHIC

 

FOR IMMEDIATE RELEASE

FOR FURTHER INFORMATION
CONTACT:

 

 

Mark F. A. Kearns

 

Chief Accounting Officer

 

T: +352 2469 7954

 

E: mark.kearns@altisource.lu

 

April 24, 2013

 

Altisource Announces Intention to Exercise $200 Million Accordion Feature and Amend Senior Secured Term Loan

 

LUXEMBOURG, April 24, 2013 (GLOBE NEWSWIRE) — Altisource Portfolio Solutions S.A. (Nasdaq:ASPS) today announced that it will hold a lenders meeting with regard to its wholly-owned subsidiary, Altisource Solutions S.à r.l., exercising the $200 million accordion feature under its existing Senior Secured Term Loan (“SSTL”), and seeking modifications to covenants to increase the ability to repurchase the Company’s stock and to certain other provisions of the SSTL. The net proceeds resulting from the accordion exercise are expected to be used to fund the remainder of the previously announced transaction with Ocwen Financial Corporation related to the Residential Capital, LLC servicing portfolio, for stock repurchases and for general corporate purposes including potential acquisitions. The Company currently expects to close the SSTL accordion exercise and amendments in early May. The Company noted further that notwithstanding the current intention to incur debt, there can be no assurance that sufficient debt capacity will be available as needed on terms acceptable to the Company.

 

Forward-Looking Statements

 

This press release contains forward-looking statements that involve a number of risks and uncertainties. Those forward-looking statements include all statements that are not historical fact, including statements about management’s beliefs and expectations. Forward-looking statements are based on management’s beliefs as well as assumptions made by and information currently available to management. Because such statements are based on expectations as to future economic performance and are not statements of historical fact, actual results may differ materially from those projected. The Company undertakes no obligation to update any forward-looking statements whether as a result of new information, future events or otherwise. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to: Altisource’s ability to retain existing customers and attract new customers; general economic and market conditions; governmental regulations, taxes and policies; availability of adequate and timely sources of liquidity and debt financing; and other risks and uncertainties detailed

 



 

in the “Forward-Looking Statements,” “Risk Factors” and other sections of the Company’s Form 10-K and other filings with the Securities and Exchange Commission.

 

About Altisource

 

Altisource Portfolio Solutions S.A. (Nasdaq:ASPS) is a global provider of services focused on high-value, technology-enabled knowledge-based solutions principally related to real estate and mortgage portfolio management, asset recovery and customer relationship management. Additional information is available at www.altisource.com.

 

Source: Altisource Portfolio Solutions S.A.