WEST PALM BEACH, Fla., Aug. 04, 2016 (GLOBE NEWSWIRE) -- Ocwen Financial Corporation,(NYSE:OCN), a leading financial services holding company, announced the pricing, on August 3, 2016, of $265 million in 2-year fixed rate asset-backed term notes with a weighted average fixed interest rate of 2.769% and $235 million in 3-year fixed rate asset-backed term notes with a weighted average fixed interest rate of 2.993% to be issued by Ocwen Master Advance Receivables Trust. The issuance and sale of the Term Notes is subject to customary closing conditions and is expected to close on August 12, 2016. The net proceeds from the Term Notes will be used prepay $500 million of 1-year fixed rate asset-backed term notes coming due in OMART later this year that have a weighted average fixed interest rate of 2.781%.

About Ocwen Financial Corporation

Ocwen Financial Corporation is a financial services holding company which, through its subsidiaries, originates and services loans. We are headquartered in West Palm Beach, Florida, with offices throughout the United States and in the U.S. Virgin Islands and operations in India and the Philippines. We have been serving our customers since 1988. We may post information that is important to investors on our website (www.Ocwen.com).