Subprime mortgage servicing firm Ocwen Financial Corp (OCN.N) agreed to sell 5.5 million shares directly to investors in a private placement for about $60 million to strengthen its liquidity position.
The buyers, most of whom are existing Ocwen shareholders, are affiliated with a Boston-based investment management firm, and will pay $11 per share, the company said in a statement.
The purchase price is a 5 percent discount to the stock's Friday close of $11.61.
The additional investment by certain existing institutional shareholders will strengthen key strategic relationships that are expected to facilitate the growth of the company's core businesses, Ocwen said.
The buyers will own about 9.6 percent of Ocwen's total outstanding shares after the deal, the company said.
The company also said it will buy back up to 1 million shares from its chief executive at $11 per share.
Ocwen was advised by O'Melveny & Myers LLP and the purchasers were advised by Greenberg Traurig LLP.
Shares of Ocwen were down 2 percent at $11.40 in moring trade on the New York Stock Exchange. (Reporting by Sweta Singh in Bangalore; Editing by Deepak Kannan)
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LIVE Entry – 1 (March-21-2014)
ReplyDeleteProblem: HP Printer not connecting to my laptop.
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