Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers O > Headlines for Ocwen Financial Corp. > News item |
Ocwen allocates $200 million amended, extended term loan B
Chicago, Jan. 27 – Ocwen Financial Corp. allocated on Jan. 24 its term loan B (B2/B+) due May 15, 2022, according to a market source.
The final size of the loan is $200 million, post paydown.
The loan was talked at a size of $326 million with the company expected to make a minimum $103.4 million paydown of the term loan at closing, plus an additional dollar-for-dollar paydown for the amount of the term loan extended above a 90% minimum extension threshold.
The amended loan has a margin of Libor plus 600 basis points and came with an original issue discount of 97.5 and a 1% Libor floor.
The term loan B has 102 hard call protection for 12 months. Hard call protection at 102 was expected for 24 months.
The loan was extended to May 15, 2022 from December 2020.
As previously reported, the amended term loan B was expected to have an increased amortization of 10% per annum, up from 5% per annum.
Barclays is the agent on the deal.
Ocwen is a West Palm Beach, Fla.-based non-bank mortgage servicer and originator.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.