By Paul A. Harris
Portland, Ore., May 7 - Ocwen Financial Corp. priced a $350 million issue of five-year senior notes (B2/B/) at par to yield 6 5/8% on Wednesday, according to a market source.
The yield printed in the middle of the 6½% to 6¾% yield talk.
Barclays was the left lead bookrunner on the quick-to-market deal. Wells Fargo Securities LLC, BofA Merrill Lynch and Morgan Stanley & Co. LLC were the joint bookrunners.
The Atlanta-based provider of residential and commercial mortgage loan services plans to use the proceeds for general corporate purposes.
| Issuer: | Ocwen Financial Corp.
|
| Amount: | $350 million
|
| Maturity: | May 15, 2019
|
| Securities: | Senior notes
|
| Left lead: | Barclays
|
| Joint bookrunners: | Wells Fargo Securities LLC, BofA Merrill Lynch, Morgan Stanley & Co. LLC
|
| Coupon: | 6 5/8%
|
| Price: | Par
|
| Yield: | 6 5/8%
|
| Spread: | 498 bps
|
| First call: | May 15, 2016 at 104.969
|
| Equity clawback: | 35% at 106.625
|
| Change-of-control put: | 101%
|
| Trade date: | May 7
|
| Settlement date: | May 12
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | 6½% to 6¾%
|
| Marketing: | Quick to market
|
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