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GEORGIA
Ocwen Extends Corporate Debt Maturities to 2020 and 2022
Ocwen Financial Corporation announced the completion of the
settlement of the previously announced Money One BHExchange
Offer by its subsidiary Ocwen Loan Servicing, LLC (OLS) pursu-
ant to which OLS issued $346.9 million aggregate principal amount
of 8.375 percent Senior Secured Second Lien Notes.
e Senior Secured Second Lien Notes, which are known as the
New Second Lien Notes, are due 2022 in exchange for $346.9 mil-
lion aggregate principal amount, which is 99.1 percent of Ocwen's
6.625 percent Senior Notes, known as Existing Notes, that had been
tendered in the Exchange Offer, according to Ocwen.
e Exchange Offer was purely a debt-for-debt exchange offer
and neither Ocwen nor any of its subsidiaries received any cash
proceeds from the transaction.
Ron Faris, President and CEO of Ocwen, affirmed the comple-
tion of the settlement with the following statement: "We are very
pleased to have successfully completed these two important refi-
nancing transactions."
e SSTL and New Second Lien Notes are jointly and severally
guaranteed by Ocwen; Ocwen Mortgage Servicing, Inc.; Home-
ward Residential Holdings, Inc.; Homeward Residential, Inc.;
and Automotive Capital Services, Inc., who are collectively known
as the Guarantors. e New Second Lien Notes and the related
guarantees will be unsubordinated obligations of OLS and the
Guarantors, respectively, and will be secured, subject in each case to
certain exceptions and permitted liens, by a second-priority lien on
the assets of OLS and the Guarantors that secure the SSTL, which
is known as the Collateral. e lien on the Collateral securing the
New Second Lien Notes will be junior to the first priority lien secur-
ing the SSTL.
e New Second Lien Notes have not been registered with
the Securities and Exchange under the Securities Act of 1933, also
known as the Securities Act, or any state or foreign securities laws.
e New Second Lien Notes may not be offered or sold in the
United States or to any U.S. persons except pursuant to an exemp-
tion from, or in a transaction not subject to, the registration require-
ments of the Securities Act.
