Ocwen holders may convert 3.25% notes due to business separation

By Jennifer Chiou

New York, July 10 - Ocwen Financial Corp. on Friday provided notice to holders of its 3.25% contingent convertible unsecured senior notes due 2024 of their option to convert all or any of their securities into shares, according to an 8-K filing with the Securities and Exchange Commission.

The conversion opportunity is a result of the company's previously announced planned separation of most of the business operations known as Ocwen Solutions through a tax-free spinoff of an existing subsidiary of the company, Altisource Portfolio Solutions SA.

Altisource will become a separate, publicly traded company.

The separation is subject to board approval.

Based in West Palm Beach, Fla., Ocwen is a business process outsourcing provider to the financial services industry that specializes in loan servicing, mortgage fulfillment and receivables management services.

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