Ocwen Financial to launch $2.2 billion of term loans on Tuesday

By Sara Rosenberg

New York, Jan. 24 - Ocwen Financial Corp. is set to hold a call on Tuesday to launch $2.2 billion of term loans, according to a market source.

Wells Fargo Securities LLC, Barclays and Bank of America Merrill Lynch are the lead banks on the deal.

The debt includes a $1.5 billion seven-year term loan and a $700 million seven-year final maturity delayed-draw term loan, the source said.

Proceeds will be used to refinance existing debt and fund the acquisition of residential mortgage servicing rights on a portfolio consisting of around 184,000 loans with a total principal balance of $39 billion from Wells Fargo Bank.

Ocwen is an Atlanta-based financial services holding company that is engaged in the servicing and origination of mortgage loans.

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