Ocwen Financial gets $100 million incremental term loan via Barclays

By Sara Rosenberg

New York, Dec. 28 - Ocwen Financial Corp. closed on a $100 million incremental term loan due Sept. 1, 2016 that was led by Barclays, according to an 8-K filed with the Securities and Exchange Commission.

Pricing on the loan is Libor plus 550 basis points with a 1.5% Libor floor.

In addition, the company got a $75 million senior unsecured term loan from Altisource Solutions that is priced at Libor plus 675 bps with a 1.5% Libor floor.

Proceeds were used to help fund the acquisition of Homeward Residential Holdings Inc. from WL Ross & Co. LLC for around $588 million in cash and $162 million in Ocwen convertible preferred stock.

Ocwen is an Atlanta-based provider of residential and commercial loan servicing, special servicing and asset management services. Homeward is a residential mortgage loan servicing and origination company.

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