Ocwen Financial (OCN) to Redeem $56.44M of Convertible Senior Unsecured Notes
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On February 27, 2012, Ocwen Financial Corporation ("Ocwen") (NYSE: OCN) announced that it had given notice of its intention to redeem all of the outstanding 3.25% Contingent Convertible Senior Unsecured Notes due 2024 (the "2024 Convertible Notes") on March 28, 2012. As of December 31, 2011, there was $56,435,000 in aggregate principal amount of the 2024 Convertible Notes outstanding. The redemption notice provided includes CUSIP Numbers 675746AD3 and 675746AC5.
The 2024 Convertible Notes are convertible at any time prior to 5:00 p.m. Eastern Time, March 27, 2012 at a rate of 82.1693 shares of common stock per $1,000 principal amount of the 2024 Convertible Notes surrendered. The 2024 Convertible Notes surrendered for conversion will be settled in stock in accordance with the provisions of the indenture.
The 2024 Convertible Notes are convertible at any time prior to 5:00 p.m. Eastern Time, March 27, 2012 at a rate of 82.1693 shares of common stock per $1,000 principal amount of the 2024 Convertible Notes surrendered. The 2024 Convertible Notes surrendered for conversion will be settled in stock in accordance with the provisions of the indenture.
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