Ocwen Financial Announces Conditional Redemption of 6.375% Senior Notes Due 2021 and 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
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
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
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in full for the respective series of notes on the Redemption Date and assuming the applicable Redemption Notice is not rescinded, interest on such series of notes shall cease to accrue on and after the Redemption Date, and the only remaining right of the noteholders of such series of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.
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. We are in the midst of a period of capital markets volatility and experiencing significant changes within the mortgage lending and servicing ecosystem which have magnified such uncertainties. 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, uncertainty relating to the future impacts of the COVID-19 pandemic, including with respect to the response of the
FOR FURTHER INFORMATION CONTACT:
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Source: Ocwen Financial Corp.