Ocwen Financial (OCN) Completes OMART Refinancing

August 16, 2016 6:04 AM EDT

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Ocwen Financial (NYSE: OCN) disclosed the following on Tuesday:

Item 7.01 Regulation FD Disclosure.

On August 15, 2016, Ocwen Financial Corporation completed the refinancing of its Ocwen Master Advance Receivables Trust (OMART) servicing advance financing facility.

The new $1.32 billion OMART servicing advance financing facility is comprised of (i) $265 million aggregate principal amount of newly issued two-year fixed rate asset-backed term notes (the Two-Year Notes), (ii) $235 million aggregate principal amount of newly issued three-year fixed rate asset-backed term notes (together with the Two Year Notes, the New Term Notes), (iii) $400 million aggregate principal amount of two-year fixed rate asset-backed term notes issued in November 2015 and (iv) $420 million maximum principal amount of renewed one-year floating rate asset-backed variable funding notes (the VFNs). As part of the refinancing, the maximum principal amount under the VFNs was reduced from $600 million to $420 million and the revolving period was extended through August 2017. The weighted average fixed interest rate on the New Term Notes is 2.874%.

The information contained under Item 7.01 in this Current Report is being furnished and, as a result, such information shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.



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