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Ocwen trims spread on $335 million term loan B to Libor plus 500 bps
By Sara Rosenberg
New York, Dec. 1 – Ocwen Financial Corp. reduced pricing on its $335 million four-year term loan B (B2) to Libor plus 500 basis points from Libor plus 575 bps, according to a market source.
Also, the original issue discount on the term loan was tightened to 98 from 97, the source said.
The term loan B still has a 1% Libor floor, 101 soft call protection for six months, amortization of 5% per annum and a maximum first-lien loan-to-value covenant equal to 40%.
Recommitments were scheduled to be due at 5 p.m. ET on Thursday, the source added.
Barclays, J.P. Morgan Securities LLC, Nomura and Credit Suisse Securities (USA) LLC are the bookrunners on the deal.
Proceeds will be used to refinance an existing term loan, to 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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