|Bid||27.30 x 800|
|Ask||31.50 x 1400|
|Day's Range||27.73 - 29.31|
|52 Week Range||4.20 - 32.51|
|Beta (5Y Monthly)||1.65|
|PE Ratio (TTM)||N/A|
|Earnings Date||May 06, 2021 - May 10, 2021|
|Forward Dividend & Yield||N/A (N/A)|
|Ex-Dividend Date||Aug 26, 1999|
|1y Target Est||25.00|
WEST PALM BEACH, Fla., Feb. 26, 2021 (GLOBE NEWSWIRE) -- Ocwen Financial Corporation (NYSE: OCN) (“Ocwen” or the “Company”), a leading non-bank mortgage servicer and originator, today announced that its subsidiary PHH Mortgage Corporation (“PMC”) priced $400 million aggregate principal amount of 7.875% Senior Secured Notes due 2026 (the “Notes”) at a price to investors of 99.486% of the principal amount thereof. The Notes will be guaranteed on a senior secured basis by the Company and PHH Corporation, the parent company of PMC and subsidiary of the Company (“PHH”). The issuance and sale of the Notes is expected to close on March 4, 2021, subject to customary closing conditions. The net proceeds from the Notes will be used, together with the net proceeds from the Company’s previously announced private placement of $199.5 million aggregate principal amount of senior secured second lien notes to funds managed by Oaktree Capital Management, L.P., to repay in full $498 million of indebtedness, including PMC’s Senior Secured Term Loan, all of PHH’s outstanding 6.375% senior unsecured notes due 2021 and PMC’s 8.375% senior secured second lien notes due 2022 and the remaining proceeds will be used for general corporate purposes, including to accelerate growth of Ocwen’s origination and servicing business. The Notes and the related guarantees have not been, and will not be, registered under the Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any other jurisdiction. The Notes are being offered only to persons reasonably believed to be qualified institutional buyers in reliance on the exemption from registration provided by Rule 144A of the Securities Act and to non-U.S. persons outside of the United States in compliance with Regulation S of the Securities Act. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any offer or sale of, any security in any jurisdiction in which such offer, solicitation or sale would be unlawful. 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). Forward Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may be identified by a reference to a future period or by the use of forward-looking terminology. Forward-looking statements are typically identified by words such as “expect”, “believe”, “foresee”, “anticipate”, “intend”, “estimate”, “goal”, “strategy”, “plan” “target” and “project” or conditional verbs such as “will”, “may”, “should”, “could” or “would” or the negative of these terms, although not all forward-looking statements contain these words. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Readers should bear these factors in mind when considering such statements and should not place undue reliance on such statements. Forward-looking statements involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially. In the past, actual results have differed from those suggested by forward looking statements and this may happen again. Important factors that could cause actual results to differ materially from those suggested by the forward-looking statements include, but are not limited to, that the size of the offering could change, that the offering could be terminated, that the private placement with Oaktree Capital Management, L.P. will close; our ability to deploy the proceeds of the senior secured notes, if issued, in suitable investments at appropriate returns; uncertainty relating to the future impacts of the COVID-19 pandemic, including with respect to the response of the U.S. government, state governments, the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac, and together with Fannie Mae, the GSEs), the Government National Mortgage Association (Ginnie Mae) and regulators, as well as the impacts on borrowers and the economy generally; the adequacy of our financial resources, including our sources of liquidity and ability to sell, fund and recover servicing advances, forward and reverse whole loans, and HECM and forward loan buyouts and put backs, as well as repay, renew and extend borrowings, borrow additional amounts as and when required, meet our MSR or other asset investment objectives and comply with our debt agreements, including the financial and other covenants contained in them; increased servicing costs based on increased borrower delinquency levels or other factors; our ability to collect anticipated tax refunds, including on the timeframe expected; the future of our long-term relationship and remaining servicing agreements with New Residential Investment Corp. (NRZ); our ability to continue to improve our financial performance through cost re-engineering efforts and other actions; our ability to continue to grow our origination business and increase our origination volumes in a competitive market and uncertain interest rate environment; uncertainty related to claims, litigation, cease and desist orders and investigations brought by government agencies and private parties regarding our servicing, foreclosure, modification, origination and other practices, including uncertainty related to past, present or future investigations, litigation, cease and desist orders and settlements with state regulators, the Consumer Financial Protection Bureau (CFPB), State Attorneys General, the Securities and Exchange Commission (SEC), and the Department of Justice or the Department of Housing and Urban Development (HUD); adverse effects on our business as a result of regulatory investigations, litigation, cease and desist orders or settlements and related responses by key counterparties, including lenders, the GSEs and Ginnie Mae; our ability to comply with the terms of our settlements with regulatory agencies, as well as general regulatory requirements, and the costs of doing so; increased regulatory scrutiny and media attention; any adverse developments in existing legal proceedings or the initiation of new legal proceedings; our ability to interpret correctly and comply with financial and other requirements of regulators, the GSEs and Ginnie Mae, as well as those set forth in our debt and other agreements; our ability to comply with our servicing agreements, including our ability to comply with our agreements with, and the requirements of, the GSEs and Ginnie Mae and maintain our seller/servicer and other statuses with them; our ability to fund future draws on existing loans in our reverse mortgage portfolio; our servicer and credit ratings as well as other actions from various rating agencies, including the impact of prior or future downgrades of our servicer and credit ratings; as well as other risks and uncertainties detailed in Ocwen’s reports and filings with the SEC, including our annual report on Form 10-K for the year ended December 31, 2020 and current and quarterly reports since such date. Anyone wishing to understand Ocwen’s business should review our SEC filings. Our forward-looking statements speak only as of the date they are made and, we disclaim any obligation to update or revise forward-looking statements whether as a result of new information, future events or otherwise. FOR FURTHER INFORMATION CONTACT: Investors:Media:June CampbellDico AkseraylianT: (856) 917-3190T: (856) 917-0066E: email@example.comE: firstname.lastname@example.org
Vancouver, British Columbia--(Newsfile Corp. - February 25, 2021) - On national TV Sat. Feb 27 & Sun. Feb 28, 2021 - From mining to cryptocurrency this episode of BTV-Business Television visits exciting companies for your investment portfolio including: Cannot view this video? Visit:https://b-tv.com/btv-visits-thriving-companies-to-invest-in-ep-355/Sneak Preview: YouTube BTV Live Premiere 1pm PST today + Meet the Hosts of BTVClick here to set a reminder! Discover Companies to Invest InBIGG Digital Assets Inc. (CSE: BIGG) ...
Rating Action: Moody's assigns B2 rating to PHH Mortgage's secured debt issuance; outlook revised to stable from negativeGlobal Credit Research - 24 Feb 2021New York, February 24, 2021 -- Moody's Investors Service, ("Moody's") has assigned a B2 rating to PHH Mortgage Corporation's (PMC) planned $400 million 5-year first-lien senior secured debt issuance. In the same rating action, Moody's affirmed the company's Caa1 corporate family rating and revised the outlook to stable from negative.Moody's also affirmed the ratings of PMC's outstanding $185 million term loan and Ocwen Loan Servicing's (OLS) second-lien senior secured debt totaling $292 million.