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 23, 2020
Walker & Dunlop, Inc.
(Exact name of registrant as specified in
its charter)
| Maryland |
|
001-35000 |
|
80-0629925 |
(State or other jurisdiction of
incorporation) |
|
(Commission File Number) |
|
(IRS Employer Identification No.) |
7501
Wisconsin Avenue
Suite
1200E
Bethesda, MD |
|
20814 |
| (Address of principal executive offices) |
|
(Zip Code) |
Registrant’s telephone number,
including area code: (301) 215-5500
Not applicable
(Former name or former address if changed
since last report.)
Securities registered pursuant to Section 12(b) of
the Act:
| Title of each class |
Trading symbol |
Name of each exchange on which registered |
| Common stock, par value $0.01 per share |
WD |
New York Stock Exchange |
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:
¨ Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of
the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
¨ If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange
Act.
Item 1.01. Entry into a Material Definitive Agreement.
On April 23, 2020, Walker & Dunlop,
Inc. (the “Company”) and Walker & Dunlop, LLC, the operating subsidiary of the Company (the “Borrower”),
entered into a Fifth Amendment to Second Amended and Restated Warehousing Credit and Security Agreement (the “Amendment”)
with PNC Bank, National Association, as Lender (“PNC”). The Amendment amends that certain Second Amended and
Restated Warehousing Credit and Security Agreement, dated as of September 11, 2017 (the “Warehousing Agreement”),
by and among the Borrower, the Company and PNC to, among other things, allow for a future temporary increase in the Warehousing
Credit Limit of up to $2.4 billion (as defined in the Amendment) such that the maximum credit limit amount will be $3.2 billion.
The Company continues to guarantee the Borrower’s obligations under the Warehousing Agreement, as amended by the Amendment.
The foregoing description of the Amendment
does not purport to be complete and is qualified in its entirety by reference to the Amendment, which is filed as Exhibit 10.1
to this Current Report on Form 8-K. The Company intends to use the temporary increase amount to close a large portfolio of loans
that will be sold to Fannie Mae.
PNC
and its affiliates have various relationships with the Company involving the provision of financial services, including cash management,
trust and other services. In addition, affiliates of the Company have entered into forward delivery commitments and other derivative
arrangements in the ordinary course of business with PNC and its affiliates.
Item 2.03. Creation of a Direct Financial
Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth in Item 1.01
of this Current Report on Form 8-K is incorporated by reference into this Item 2.03.
Item 9.01. Financial Statements and
Exhibits.
SIGNATURES
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.
| |
WALKER & DUNLOP, INC.
(Registrant) |
| |
|
|
| Date: April 29, 2020 |
By: |
/s/ Stephen P. Theobald |
| |
|
Name: |
Stephen P. Theobald |
| |
|
Title: |
Executive Vice President and Chief Financial Officer |
