JACKSONVILLE, Fla. – October 26, 2012 – Lender Processing Services, Inc. (NYSE: LPS) (the “Company”), a leading provider of integrated technology and services to the mortgage and real estate industries, announced today that it has completed its previously announced tender offer and consent solicitation (the “Tender Offer”) for all of its 8.125% Senior Notes due 2016 (the “Notes”).
As previously announced, as of 5:00 p.m., Eastern Time, on October 11, 2012 (the “Consent Payment Deadline”), $286,090,000 million aggregate principal amount of the outstanding Notes (representing approximately 79.03% of the Notes outstanding at the commencement of the Tender Offer) had been tendered. The Company exercised its option to accept for payment and settle the Tender Offer with respect to Notes that were validly tendered at or prior to the Consent Payment Deadline (the “Early Settlement”). The Early Settlement occurred on October 12, 2012.
As of midnight, Eastern Time, October 25, 2012 (the “Expiration Date”), an additional $330,000 aggregate principal amount of the outstanding Notes (representing approximately 0.09% of the Notes outstanding at the commencement of the Tender Offer) had been tendered. The Company accepted for payment and settled the Tender Offer with respect to Notes that were validly tendered after the Consent Payment Deadline but prior to the Expiration Date today.
As previously announced, the Company will redeem any Notes outstanding after the Tender Offer with payment for any redeemed Notes to be made on November 13, 2012.
The tender agent and information agent for the tender offer and consent solicitation was D.F. King & Co., Inc. The sole dealer manager for the tender offer and solicitation agent for the consent solicitation was Wells Fargo Securities, LLC ((866) 309-6316 (toll-free) and (704) 715-8341 (collect)).
The Offer to Purchase and the related Letter of Transmittal (together, the “Offer Documents”) have been distributed to holders of Notes.
This news release is for informational purposes only and does not constitute an offer to buy or the solicitation of an offer to sell the Notes. The tender offer and the consent solicitation are being made only pursuant to the Offer Documents that the Company has distributed to noteholders. Noteholders and investors should read carefully the Offer Documents because they contain important information, including the various terms of and conditions to the tender offer and the consent solicitation. None of the Company, the dealer manager and the solicitation agent, the tender agent, the information agent or their respective affiliates is making any recommendation as to whether or not holders should tender all or any portion of their Notes in the tender offer or deliver their consents in the consent solicitation. This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities that may be sold pursuant to the proposed debt financing.
About Lender Processing Services
Lender Processing Services (NYSE: LPS) delivers comprehensive technology solutions and services, as well as powerful data and analytics, to the nation’s top mortgage lenders, servicers and investors. As a proven and trusted partner with deep client relationships, LPS offers the only end-to-end suite of solutions that provides major U.S. banks and many federal government agencies the technology and data needed to support mortgage lending and servicing operations, meet unique regulatory and compliance requirements and mitigate risk.
These integrated solutions support origination, servicing, portfolio retention and default servicing. LPS’ servicing solutions include MSP, the industry’s leading loan-servicing platform, which is used to service approximately 50 percent of all U.S. mortgages by dollar volume. The company also provides proprietary data and analytics for the mortgage, real estate and capital markets industries. Lender Processing Services is a Fortune 1000 company headquartered in Jacksonville, Fla., employing approximately 8,000 professionals. For more information, please visit www.lpsvcs.com
Cautionary Statement About 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 facts, including statements about our 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. We undertake 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: our ability to successfully consummate the redemption of any untendered existing notes; our ability to adapt our services to changes in technology or the marketplace; the impact of adverse changes in the level of real estate activity (including among others, loan originations and foreclosures) on demand for certain of our services; our ability to maintain and grow our relationships with our customers; the effects of our substantial leverage on our ability to make acquisitions and invest in our business; the level of scrutiny being placed on participants in the foreclosure process; risks associated with federal and state enforcement proceedings, inquiries and examinations currently underway or that may be commenced in the future with respect to our default management operations, and with civil litigation related to these matters; the impact of continued delays in the foreclosure process on the timing and collectability of our fees for certain of our services; changes to the laws, rules and regulations that regulate our businesses as a result of the current economic and financial environment; changes in general economic, business and political conditions, including changes in the financial markets; the impact of any potential defects, development delays, installation difficulties or system failures on our business and reputation; risks associated with protecting information security and privacy; and other risks and uncertainties detailed in the “Statement Regarding Forward-Looking Information,” “Risk Factors” and other sections of the Company’s Form 10-K and other filings with the Securities and Exchange Commission.