Some OCN news:
WEST PALM BEACH, Fla., Oct. 31, 2016 (GLOBE NEWSWIRE) -- Ocwen Financial Corporation (OCN), (NYSE:OCN) (“Ocwen” or the “Company”), a leading financial services holding company, today announced that it is currently in negotiations with certain holders of its 6.625% Senior Notes due 2019 (the “Outstanding Notes”) to exchange the Outstanding Notes at par for new second lien notes (the “New Notes”) to be issued by the Company’s subsidiary Ocwen Loan Servicing LLC (“OLS”) with an interest rate of 8.375% per annum and maturing in November 2022. The New Notes would be guaranteed by the Company and certain of its subsidiaries and would be secured on a second priority basis with the same collateral, subject to certain exceptions, that secures OLS’s senior secured term loan. While negotiations are ongoing, there can be no assurance that a final agreement will be reached.
Ongoing discussions are being held with holders representing approximately $230 million of the Outstanding Notes, all of which have signed non-disclosure agreements with the Company and qualify as either “qualified institutional buyers” under Rule 144A of the Securities Act of 1933, as amended (the “Securities Act”) or non-U.S. persons who are outside of the United States. If final agreement can be reached with such holders in the near term, it is contemplated that OLS will promptly make an offer to all eligible holders of Outstanding Notes to exchange their Outstanding Notes for New Notes on the same terms. Such an offer would be made only to those holders that are both (x) either (i) “qualified institutional buyers” (“QIBs”) within the meaning of Rule 144A under the Securities Act or (ii) not “U.S. persons” and are outside of the United States within the meaning of Regulation S under the Securities Act, and (y) “accredited investors” within the meaning of Rule 501 under the Securities Act. The information included in this press release is for purposes of complying with “cleansing” requirements under the non-disclosure agreements described above.
The New Notes have not been and will not be registered under the Securities Act or the securities laws of any state or other jurisdiction, and therefore may not be offered or sold in the United States or to, or for the account or benefit of, any United States person except pursuant to an exemption from the registration requirements of the Securities Act and other applicable securities laws.
