Ocwen units to redeem 6 3/8%, 8 3/8% notes on March 4

By Wendy Van Sickle

Columbus, Ohio, Feb. 2 – Ocwen Financial Corp. said its PHH Corp. subsidiary plans to redeem all of its outstanding 6 3/8% senior notes due 2021 and its PHH Mortgage Corp. subsidiary plans to redeem all of its outstanding 8 3/8% senior secured second-lien notes due 2022, according to a news release.

In each case, the redemption date will be March 4.

The 2021 notes will be redeemed at par plus interest for an amount equal to $1,003.36 per $1,000 principal amount. Bank of New York Mellon Trust Co., NA is the trustee for these notes.

The 2022 notes will be redeemed at 102.094 plus interest for an amount equal to $1,046.30 per $1,000 principal amount. Wilmington Trust, NA is the trustee for these notes.

Each redemption is subject to the issuer completing a debt financing that will provide sufficient funds to pay the redemption price.

Ocwen is a financial services holding company based in West Palm Beach, Fla.

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