Ocwen Financial plans to sell $350 million five-year notes

By Paul A. Harris

Portland, Ore., May 7 - Ocwen Financial Corp. plans to sell $350 million of five-year notes (B2) on a timeline that has the deal pricing late Wednesday or early Thursday, a market source said.

The deal was the subject of a late-Wednesday morning conference call with investors.

Barclays is left lead bookrunner on the Rule 144A and Regulation S with registration rights offering. Wells Fargo Securities LLC, BofA Merrill Lynch and Morgan Stanley & Co. LLC are joint bookrunners.

The notes become callable after two years at par plus 75% of the coupon and feature an equity clawback at par plus the coupon, a 101% poison put and a standard high-yield covenant package.

The Atlanta-based provider of residential and commercial mortgage loan services plans to use the proceeds for general corporate purposes.

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