Ocwen Financial to repay term loan with notes proceeds

By Sara Rosenberg

New York, Feb. 24 – Ocwen Financial Corp. plans to repay its senior secured term loan using proceeds from a $400 million senior secured notes offering and from a previously announced private placement of $199.5 million senior secured second-lien notes, according to a news release.

The notes will also be used to repay 6 3/8% senior notes due 2021 and 8 3/8% senior secured second-lien notes due 2022 and for general corporate purposes.

Ocwen is a West Palm Beach, Fla.-based non-bank mortgage servicer and originator.

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