Ocwen Financial withdraws $350 million term loan B from market

By Sara Rosenberg

New York, July 20 – Ocwen Financial Corp. decided to pull its $350 million six-year senior secured term loan B from the primary market.

“We had explored refinancing our term loan, based on strong market demand. Market conditions weakened substantially in June, so we decided to not proceed. We may decide to renew interest in refinancing or pursue other options based on the market and our requirements,” said John Lovallo, spokesperson for Ocwen.

The term loan B had been talked at Libor plus 450 basis points with a 1% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months.

Barclays was the left lead arranger on the deal.

Proceeds were going to be used to refinance the company’s existing senior secured term loan and fund cash to the balance sheet for general corporate purposes.

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

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