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     117  0 Kommentare loanDepot Commences Exchange Offer and Consent Solicitation for 6.500% Senior Notes due 2025 - Seite 2

    The New Notes will pay interest at a rate of 8.250% and mature November 1, 2027. The New Notes will be guaranteed by the subsidiaries of the Issuer that are guarantors of the Old Notes and the Issuer’s outstanding 6.125% Senior Notes due 2028 and will be secured, subject to permitted liens, by a first-priority security interest on (1) all of the membership interests of mello Credit Strategies LLC, a direct subsidiary of the Issuer, (2) certain unencumbered non-agency mortgage servicing rights held by loanDepot.com, LLC, a guarantor of the New Notes, with a fair value of up to $60.0 million and (3) $100.6 million aggregate principal amount of 2028 Senior Notes that were previously repurchased by the Issuer and to be held by Artemis Management LLC, a guarantor of the New Notes (collectively, the “Collateral”) as described in the Offering Memorandum and Consent Solicitation Statement. The covenants for the New Notes will be similar to the covenants for the Old Notes with customary modifications for an issuance of secured notes, including prohibiting the Issuer from incurring (a) additional debt secured by the Collateral and (b) capital markets indebtedness secured by non-Collateral.

    In conjunction with the Exchange Offer, the Issuer is soliciting consents (the “Consent Solicitation”) to eliminate substantially all restrictive covenants and certain of the default provisions (the “Proposed Amendments”) in the indenture governing the Old Notes. Holders who tender their Old Notes in the Exchange Offer will be deemed to have submitted consents pursuant to the Consent Solicitation. The consummation of the Exchange Offer is not subject to, or conditioned upon, the receipt of the requisite consents or to any minimum amount of Old Notes being tendered for exchange. The consummation of the Exchange Offer and Consent Solicitation is subject to the satisfaction or waiver of certain conditions set forth in the confidential Offering Memorandum and Consent Solicitation Statement.

    Tendered Old Notes may be validly withdrawn at any time prior to 5:00 p.m., New York City time, on June 3, 2024, but not thereafter. Settlement will occur promptly after the Expiration Time and is currently expected to occur on or about June 24, 2024 (the “Settlement Date”).

    Eligible Holders that validly tender Old Notes at or prior to the Expiration Time will also be eligible to receive cash for accrued and unpaid interest on the exchanged Old Notes from the last interest payment date prior to, but not including, the Settlement Date. Interest on the New Notes will accrue from the Settlement Date.

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    loanDepot Commences Exchange Offer and Consent Solicitation for 6.500% Senior Notes due 2025 - Seite 2 loanDepot, Inc. (NYSE: LDI) (“loanDepot”) announced today that its subsidiary, LD Holdings Group LLC (the “Issuer”), has commenced an offer (the “Exchange Offer”) to certain Eligible Holders (as defined below) to exchange any and all of its …

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