WEST PALM BEACH, Fla., Feb. 02, 2021 (GLOBE NEWSWIRE) -- Ocwen Financial Corporation (NYSE: OCN), a leading non-bank mortgage servicer and originator, today announced that its subsidiary PHH Corporation has given notice of its intention to redeem on March 4, 2021 all of its outstanding 6.375% Senior Notes due 2021 and also that its subsidiary PHH Mortgage Corporation has given notice of its intention to redeem on the Redemption Date all of its outstanding 8.375% Senior Secured Second Lien Notes due 2022.
The 2021 Notes will be redeemed at a price of 100% of the principal amount thereof, plus accrued and unpaid interest to, but not including, the Redemption Date (equal to $1,003.36 per $1,000 principal amount). The Bank of New York Mellon Trust Company, N.A., the trustee for the 2021 Notes, has distributed a Notice of Redemption on behalf of PHH to all registered holders of the 2021 Notes. Copies of such Notice of Redemption and additional information related to the redemption of the 2021 Notes may be obtained from the Company.
The 2022 Notes will be redeemed at a price of 102.094% of the principal amount thereof, plus accrued and unpaid interest to, but not including, the Redemption Date (equal to $1,046.30 per $1,000 principal amount). Wilmington Trust, National Association, the trustee for the 2022 Notes, has distributed a Notice of Redemption on behalf of PMC to all registered holders of the 2022 Notes. Copies of such Notice of Redemption and additional information related to the redemption of the 2022 Notes may be obtained from the Company.
The obligation of each Issuer to redeem the respective series of notes is subject to such Issuer or its affiliates completing a debt financing that will provide funds sufficient to pay the redemption price in full for the respective series of notes (the “Financing Condition”). Accordingly, the Redemption Date for each series of notes may be extended until the Financing Condition is satisfied or waived by the respective Issuer in its sole discretion. If the Financing Condition is not satisfied for any series of notes, the respective Issuer may elect to rescind the Notice of Redemption for such series of notes, terminate the redemption, and return any tendered notes of such series to the holders thereof. If the Redemption Date for any series of notes is extended or the redemption is terminated, the respective Issuer will provide notice to noteholders of such series of notes no later than 5:00 p.m. New York time on the business day immediately preceding the Redemption Date.
Unless an Issuer defaults in paying the redemption price in full for the respective series of notes on the Redemption Date and assuming the applicable Redemption Notice is not rescinded, interest on such series of notes shall cease to accrue on and after the Redemption Date, and the only remaining right of the noteholders of such series of notes will be to receive payment of the applicable redemption price upon surrender of their notes.
This press release is for information purposes only and shall not constitute the official Notice of Redemption required under the indentures governing the 2021 Notes and the 2022 Notes.
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 and Liberty Reverse Mortgage. 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).
