Ocwen launches $335 million term loan B at Libor plus 575 bps

By Sara Rosenberg

New York, Nov. 17 – Ocwen Financial Corp. launched on Thursday its $335 million four-year term loan B with price talk of Libor plus 575 basis points with a 1% Libor floor and an original issue discount of 97, according to a market source.

The term loan has 101 soft call protection for six months, amortization of 5% per annum and a maximum first-lien loan-to-value covenant equal to 40%, the source said.

Barclays, J.P. Morgan Securities LLC, Nomura and Credit Suisse Securities (USA) LLC are the bookrunners on the deal.

Commitments are due at 5 p.m. ET on Dec. 1, the source added.

Proceeds will be used to refinance an existing term loan, pay fees and expenses, and for general corporate purposes.

Ocwen is a West Palm Beach, Fla.-based non-bank mortgage servicer and originator.

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