WEST PALM BEACH, Fla., Jan. 27, 2020 (GLOBE NEWSWIRE) -- Ocwen Financial Corporation (NYSE: OCN), a leading non-bank mortgage servicer and originator, announced today that it has entered into an amendment to its Senior Secured Term Loan (“SSTL”) that extends the maturity date to May 15, 2022. As part of the transaction, the outstanding balance of the SSTL was reduced from $326 million to $200 million.
Glen A. Messina, President and CEO of Ocwen said, “I am pleased we closed on the amendment and extension of our SSTL and want to express my gratitude to our lenders for their support. This transaction represents the culmination of our 2019 capital structure plan and supports our balanced approach to lowering our cost of capital, maintaining sufficient liquidity and sustaining financial flexibility. The facility reduction was facilitated by proceeds from our previous MSR financing and other structured financing actions. As such, we have emphasized lower cost structured finance debt while maintaining leverage at prudent levels.”
Mr. Messina added, “The extension of the SSTL affords us additional time to execute against our plans targeted at improving financial performance and long-term competitiveness, which could provide the opportunity to further extend our corporate debt at a future date supported by improved business performance, assuming we are able to achieve our business and financial objectives and there are no unforeseen adverse events.”
About Ocwen Financial Corporation
Ocwen Financial Corporation (NYSE: OCN) is a leading non-bank mortgage servicer and originator providing solutions through its primary brands, PHH Mortgage Corporation (PHH Mortgage) and Liberty Home Equity Solutions, Inc. (Liberty). PHH Mortgage is one of the largest servicers in the country, focused on delivering a variety of servicing and lending programs. Liberty is one of the nation’s largest reverse mortgage lenders dedicated to education and providing loans that help customers meet their personal and financial needs. We are headquartered in West Palm Beach, Florida, with offices in the United States and the U.S. Virgin Islands and operations in India and the Philippines, and have been serving our customers since 1988. For additional information, please visit our website (www.ocwen.com).
