Ocwen Offering $225M in Fixed-Rate Notes

Ocwen Financial Corp. has priced $225 million of asset-backed notes being offered as part of a debt refinancing.

The notes, which will carry fixed rate of 2.225%, are part of an offering that is expected to close June 26.

Ocwen also has a new $450 million servicing advance facility that includes variable funding notes, the troubled mortgage giant said in a release today.

"I am pleased to announce the execution of our recent servicer advance securitization," said Ocwen chief financial officer and executive vice president Michael Bourque in the release.

"We believe that this execution, which replaces floating-rate debt with fixed-rate term debt at favorable rates, demonstrates investor confidence in Ocwen within the ABS markets."

Ocwen expects its notes to receive AAA through BBB ratings from Standard & Poor's.

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Servicing Securitization Nonbank Private-label
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