Ocwen Financial greenshoe exercised, raising convertibles to $175 million

Pittsburgh, July 27 - Ocwen Financial Corp. said the underwriter of its recent sale of 3.25% contingent convertible senior unsecured notes due 2024 has exercised the over-allotment option in full, raising the size of the deal to $175 million.

The West Palm Beach, Fla., diversified financial services holding company originally priced $150 million of the securities after the close on July 22 to yield 3.25% with a 35% initial conversion premium.

Jefferies & Co. was the bookrunner for the Rule 144A deal.

Ocwen Financial will use proceeds to reduce debt, for working capital and for general corporate purposes.

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