Ocwen makes $162.5 million voluntary prepayment on term loan

By Toni Weeks

San Diego, May 5 - Ocwen Financial Corp. said it made voluntary prepayments of $162.5 million on its senior secured term loan during the first quarter of 2011, according to a press release. Along with the mandatory repayment, this reduced the outstanding principal balance on the term loan to $26.3 million as of March 31.

"Ocwen's robust cash flow enabled the company to pay down debt and positions us well to take advantage of growth opportunities in the marketplace," chairman Bill Erbey said in the release. "Ocwen paid down all but $26.3 million of its $350 million senior secured term loan, keeping the facility open to provide capacity for new business."

The company incurred $11.9 million in incremental amortization of upfront fees and original issue discount on the loan related to the partial repayment.

Atlanta-based Ocwen is a provider of residential and commercial loan servicing, special servicing and asset management services.

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