Ocwen dips on license woes; Ascend accelerates deadline; TTM, Nellson disclose talk

By Sara Rosenberg

New York, Jan. 13 – Ocwen Financial Corp.’s term loan dropped in the secondary market on Tuesday on the back of reports that the company may lose its mortgage license in the state of California.

Moving to the primary market, Ascend Learning moved up the commitment deadline on its add-on first-lien term loan, and TTM Technologies Inc. and Nellson Nutraceutical LLC released talk with launch.

In addition, PODS Inc., Charter NEX Films Inc., Insight Global (IG Investments Holdings LLC) and Orica Chemicals emerged with new deals plans.

Ocwen Financial’s term loan weakened in trading on Tuesday with news reports that California is looking to suspend the company’s mortgage license for a year, according to a trader.

The term loan was quoted at 93 bid, 95 offered, down from 95¾ bid, 97¼ offered, the trader said.

The reports claim that Ocwen failed to turn over documents to California’s Department of Business Oversight showing that it is complying with laws that protect homeowners, and as a result, a suspension of the mortgage license is being sought after.

Switching to the primary, Ascend Learning accelerated the commitment deadline on its $40 million add-on first-lien term loan (B2) due July 31, 2019 to noon ET on Wednesday from noon ET on Thursday, according to a market source.

Pricing on the add-on loan is Libor plus 500 basis points with a 1% Libor floor and it is offered at an original issue discount of 98½.

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