loanDepot, Inc. Files 8-K for Material Definitive Agreement

TL;DR

loanDepot just signed a big deal, filing an 8-K for a material definitive agreement.

AI Summary

On June 24, 2024, loanDepot, Inc. entered into a Material Definitive Agreement related to a financial obligation. The company, headquartered in Irvine, California, filed an 8-K report detailing this event. Specific details regarding the nature of the agreement and any associated dollar amounts were not provided in the initial filing information.

Why It Matters

This filing indicates a significant new financial commitment or obligation for loanDepot, Inc., which could impact its financial standing and future operations.

Risk Assessment

Risk Level: medium — The filing indicates a material definitive agreement and a direct financial obligation, suggesting potential financial risks or opportunities that require further investigation.

Key Players & Entities

• loanDepot, Inc. (company) — Registrant
• June 24, 2024 (date) — Date of Report
• 6561 Irvine Center Drive Irvine, California 92618 (location) — Principal Executive Offices

FAQ

Key Financial Figures

• $0.001 — hich registered Class A Common Stock, $0.001 Par Value LDI New York Stock Exchange
• $340,646,000 — 27 (the "New Notes"), the Issuer issued $340,646,000 aggregate principal amount of New Notes
• $60.0 m — e New Notes, with a fair value of up to $60.0 million, and (3) a securities account hol
• $100.6 million — n, and (3) a securities account holding $100.6 million aggregate principal amount of the Issue

Filing Documents

• ldi-20240624.htm (8-K) — 45KB
• exhibit41-loandepotxindent.htm (EX-4.1, 2) — 1440KB
• exibit43-falcon_xxsuppleme.htm (EX-4.3) — 28KB
• 0001831631-24-000177.txt ( ) — 1895KB
• ldi-20240624.xsd (EX-101.SCH) — 2KB
• ldi-20240624_lab.xml (EX-101.LAB) — 21KB
• ldi-20240624_pre.xml (EX-101.PRE) — 12KB
• ldi-20240624_htm.xml (XML) — 3KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. Indenture Overview On June 24, 2024, in connection with the settlement of the previously announced offer by LD Holdings Group LLC (the "Issuer"), a subsidiary of loanDepot, Inc. (the "Company"), to exchange (the "Exchange Offer") any and all of the Issuer's 6.500% Senior Notes due 2025 (the "Old Notes") for newly issued 8.750% Senior Secured Notes due 2027 (the "New Notes"), the Issuer issued $340,646,000 aggregate principal amount of New Notes pursuant to an indenture, dated as of June 24, 2024 (the "Indenture"), by and among the Issuer, the guarantors party thereto and U.S. Bank Trust Company, National Association, as trustee and collateral agent. Interest; Ranking; Guarantees; Security The New Notes mature on November 1, 2027, unless earlier redeemed or repurchased. No sinking fund is provided for the New Notes. Cash interest on the New Notes will accrue from June 24, 2024 (the "Issue Date"), and is payable semi-annually in arrears on May 1 and November 1 of each year, beginning on November 1, 2024, at a rate of 8.750% per year. The New Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by certain of the Issuer's wholly-owned restricted subsidiaries, and secured by a first priority security interest (subject to permitted liens) in (1) a securities account to which all of the risk retention securities originally issued to mello Credit Strategies LLC ("mello") or its subsidiary in connection with securitization financings sponsored by mello will be credited upon the repurchase of such credit risk retention securities from a repurchase agreement counterparty (including such securities acquired by mello or its subsidiary following the Issue Date, which may be subject to existing and future repurchase agreement financings entered into in the ordinary course of business), (2) certain unencumbered non-agency mortgage servicing rights held by loanDepot.com, LLC

Forward Looking Statements

Forward Looking Statements This report contains forward-looking statements that are based on management's beliefs and assumptions and on information currently available to management. Forward-looking statements include statements that are not historical facts and can be identified by terms such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "seek," "should," "will," "would" or similar expressions and the negatives of those terms. Forward-looking statements involve known and unknown risks, uncertainties and other factors, such as the satisfaction of the conditions described in the confidential offering memorandum and consent solicitation statement (as supplemented) relating to the offer to Exchange Offer and related consent solicitation (the "Offering Memorandum and Consent Solicitation Statement"), that may cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Given these uncertainties, you should not place undue reliance on forward-looking statements. Also, forward-looking statements represent management's beliefs and assumptions only as of the date of this report. You should read this report with the understanding that the Company's actual future results may be materially different from what the Company expects. Important factors that could cause actual results to differ materially from the Company's expectations are included in the section entitled "Risk Factors" set forth in the confidential offering Memorandum and Consent Solicitation Statement and under the caption "Risk Factors" included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in the Company's filings. The Com

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 4.1 Indenture, dated as of June 24, 2024, by and among LD Holdings Group LLC, the guarantors party thereto and U.S. Bank Trust Company, National Association, as trustee and collateral agent. 4.2 Form of 8.750% Senior Secured Notes due 2027 included as Exhibit A to Exhibit 4.1. 4.3 Supplemental Indenture, dated as of June 24, 2024, between the Issuer, mello Credit Strategies LLC and Wilmington Trust, National Association, as trustee, to the Indenture, dated as of March 26, 2021, among the Issuer, the guarantors thereto and Wilmington Trust, National Association, as trustee. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 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. loanDepot, Inc. By: /s/ David Hayes Name: David Hayes Title: Chief Financial Officer Date: June 24, 2024