Ocwen Financial increases incremental term loan size to $120 million

By Sara Rosenberg

New York, March 13 – Ocwen Financial Corp. upsized its incremental senior secured term loan due December 2020 to $120 million from $100 million, according to a market source.

As before, the incremental term loan is priced at Libor plus 500 basis points with a 1% Libor floor and an original issue discount of 99.25 and has amortization of 5% per annum and a maximum first-lien loan to value ratio covenant equal to 40%.

Barclays and J.P. Morgan Securities LLC are the bookrunners on the deal. Barclays is the administrative agent.

Proceeds will be used for general corporate purposes, including repayment of the PHH Notes and a small portfolio or platform acquisition.

The borrower is Ocwen Loan Servicing LLC.

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

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