Altisource Announces That It Made a $20 Million Par Paydown on Its Term Loans

Debt repayment reduces PIK Interest and Warrant Shares

LUXEMBOURG, Feb. 23, 2023 (GLOBE NEWSWIRE) — Altisource Portfolio Solutions S.A. (“Altisource” or the “Company”) (NASDAQ:ASPS), a leading provider and marketplace for the real estate and mortgage industries, today announced that it made a $20 million par paydown of the principal of the Company’s term loan using proceeds from its previously announced underwritten public offering of common stock. As a result of such paydown, the payment-in-kind interest component of the term loan (“PIK Interest”) will be reduced to 4.5% from 5.0%, and the number of warrants granted to the term loan lenders to purchase Altisource common stock (the “Warrant Shares”) will be reduced to 2,578,743 from 3,223,851. The PIK interest rate and number of warrants are subject to a potential further reduction based on certain additional par paydowns, if any, made prior to February 14, 2024 (“Aggregate Par Paydowns”) as set forth below. Additionally, the maturity date of the terms loans can be extended, at Altisource’s option, by one year to April 30, 2026 if Aggregate Par Paydowns total $30 million or more.

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