Ocwen Loan Servicing to launch $1.3 billion term loan on Thursday

By Sara Rosenberg

New York, Jan. 15 - Ocwen Loan Servicing LLC set a bank meeting for 10 a.m. ET on Thursday to launch a proposed $1.3 billion five-year senior secured term loan, according to a market source.

Barclays, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC are the joint lead arrangers and bookrunners on the deal.

Proceeds will be used to fund the acquisition of some mortgage servicing assets from Residential Capital LLC and to refinance existing term loan debt.

Ocwen is buying Residential Capital's mortgage servicing and origination businesses with Walter Investment Management Corp. for about $3 billion.

Walter Investment, a Tampa, Fla.-based asset manager, mortgage servicer and mortgage portfolio owner, will be getting the Fannie Mae mortgage servicing rights portion of Residential Capital's servicing portfolio, as well as the origination and capital markets platform.

Closing is expected this quarter, subject to customary conditions, including the approval of Freddie Mac, Fannie Mae and various government agencies.

Ocwen is an Atlanta-based provider of residential and commercial loan servicing, special servicing and asset management services.

© 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.