Ocwen would get $150 million of debt with proposed buyout by investors

By Sara Rosenberg

New York, Jan. 15 - Ocwen Financial Corp. would get about $150 million of debt in connection with a proposed buyout proposal from a group of investors, according to a news release.

Under the proposal, William C. Erbey, chairman and chief executive officer of the company, Oaktree Capital Management LP and Angelo, Gordon & Co. LP have offered to acquire all of the outstanding shares of the company for $7.00 per share in cash.

The new debt, or other financing, would be used to repurchase certain debt obligations of the company.

The company's board of directors has formed a special committee of independent directors to consider the proposal.

Ocwen is a West Palm Beach, Fla., business process outsourcing provider to the financial services industry.

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