Tuesday, December 06, 2016 2:16:53 PM
Ocwen Successfully Extends Corporate Debt Maturities to December 2020 and December 2022
Mon December 5, 2016 9:55 PM|GlobeNewswire|About: OCN
WEST PALM BEACH, Fla., Dec. 05, 2016 (GLOBE NEWSWIRE) -- Ocwen Financial Corporation (OCN), (NYSE:OCN) (“Ocwen” or the “Company”), a leading financial services holding company, today announced the completion of the settlement of the previously announced Exchange Offer by its subsidiary Ocwen Loan Servicing, LLC (“OLS”) pursuant to which OLS issued $346.9 million aggregate principal amount of 8.375% Senior Secured Second Lien Notes due 2022 (the “New Second Lien Notes”) in exchange for $346.9 million aggregate principal amount (or 99.1%) of Ocwen’s 6.625% Senior Notes due 2019 (the “Existing Notes”) that had been tendered in the Exchange Offer. The Exchange Offer was purely a debt-for-debt exchange offer and none of OLS, Ocwen or any of their subsidiaries received any cash proceeds from the transaction.
Ocwen also announced that concurrently with the closing of the Exchange Offer, OLS entered into a new Senior Secured Term Loan Facility (the “SSTL”), with an initial interest rate of 6.0%. The SSTL provides for a $335 million term loan credit facility with a maturity date of December 5, 2020, and is refinancing the prior senior secured term loan that had a maturity date of February 15, 2018 and an interest rate of 5.5%. The SSTL refinancing was predominantly a debt-for-debt refinancing and, after allowing for payment of expenses on both transactions and original issue discount on the SSTL refinancing, none of OLS, Ocwen or any of their subsidiaries received net cash proceeds from these transactions.
“We are very pleased to have successfully completed these two important refinancing transactions,” commented Ron Faris, President and CEO.
The SSTL and New Second Lien Notes are jointly and severally guaranteed by Ocwen, Ocwen Mortgage Servicing, Inc., Homeward Residential Holdings, Inc., Homeward Residential, Inc. and Automotive Capital Services, Inc. (collectively, the "Guarantors"). The New Second Lien Notes and the related guarantees will be unsubordinated obligations of OLS and the Guarantors, respectively, and will be secured (subject in each case to certain exceptions and permitted liens) by a second-priority lien on the assets of OLS and the Guarantors that secure the SSTL (the "Collateral"). The lien on the Collateral securing the New Second Lien Notes will be junior to the first priority lien securing the SSTL.
The New Second Lien Notes have not been registered with the Securities and Exchange Commission (the "SEC") under the Securities Act of 1933, as amended (the "Securities Act"), or any state or foreign securities laws. The New Second Lien Notes may not be offered or sold in the United States or to any U.S. persons except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.
In the settlement of the Exchange Offer, OLS delivered the Total Exchange Consideration of $1,000 principal amount of New Second Lien Notes for each $1,000 principal amount of Existing Notes that were validly tendered in the Exchange Offer, including Existing Notes that were tendered after the Early Tender Date of 5:00 pm on November 15, 2016.
Recent OCN News
- Ocwen Financial Announces Intention to Rebrand as Onity™ Group • GlobeNewswire Inc. • 04/03/2024 08:15:00 PM
- Ocwen Financial Corporation Announces Appointment of Claudia Merkle to Board of Directors • GlobeNewswire Inc. • 04/02/2024 10:45:00 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/05/2024 09:16:06 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/05/2024 09:16:01 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/05/2024 09:15:54 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/05/2024 09:15:50 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/05/2024 09:15:37 PM
- Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405] • Edgar (US Regulatory) • 02/27/2024 09:39:38 PM
- Ocwen Financial Announces Full Year and Fourth Quarter 2023 Results • GlobeNewswire Inc. • 02/27/2024 11:45:00 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/27/2024 11:44:57 AM
- Ocwen Financial Schedules Conference Call – Fourth Quarter and Full Year 2023 Results • GlobeNewswire Inc. • 02/20/2024 10:00:49 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 02/14/2024 10:08:53 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 02/14/2024 09:10:14 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 02/14/2024 05:16:57 PM
- Form SC 13G - Statement of acquisition of beneficial ownership by individuals • Edgar (US Regulatory) • 02/06/2024 02:36:39 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 12/08/2023 09:15:34 PM
- PHH Mortgage Announces New Subservicing Agreement With Zillow Home Loans • GlobeNewswire Inc. • 11/13/2023 09:15:00 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 11/07/2023 09:36:39 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 11/07/2023 11:45:14 AM
- Ocwen Financial Announces Third Quarter 2023 Results • GlobeNewswire Inc. • 11/07/2023 11:45:00 AM
- Ocwen Financial Schedules Conference Call – Third Quarter 2023 Results and Business Update • GlobeNewswire Inc. • 11/01/2023 08:15:59 PM
- Liberty Reverse Mortgage Wins National Association Of Mortgage Brokers 2023 Affiliate Of The Year Award • GlobeNewswire Inc. • 09/25/2023 08:15:00 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/03/2023 08:54:38 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/03/2023 10:45:20 AM
- Ocwen Financial Announces Second Quarter 2023 Results • GlobeNewswire Inc. • 08/03/2023 10:45:00 AM
Axis Technologies Group and Carbonis Forge Ahead with New Digital Carbon Credit Technology • AXTG • Apr 24, 2024 3:00 AM
North Bay Resources Announces Successful Equipment Test at Bishop Gold Mill, Inyo County, California • NBRI • Apr 23, 2024 9:41 AM
Epazz, Inc.: CryObo, Inc. solar Bitcoin operations will issue tokens • EPAZ • Apr 23, 2024 9:20 AM
Avant Technologies Launches Advanced AI Supercomputing Network and Expansive Data Solutions • AVAI • Apr 23, 2024 8:00 AM
BestGrowthStocks.com Issues Comprehensive Analysis of Triller Merger with AGBA Group Holding Limited • AGBA • Apr 22, 2024 1:00 PM
Cannabix Technologies to Present Marijuana Breathalyzer Technology at International Association for Chemical Testing (IACT) Conference in California • BLO • Apr 22, 2024 8:49 AM