Ocwen holders convert 100,000 perpetual convertible preferreds

By Susanna Moon

Chicago, Sept. 24 - Ocwen Loan Servicing, LLC holders opted to convert 100,000 of the company's 162,000 outstanding shares of series A perpetual convertible preferred stock, according to an 8-K filing with the Securities and Exchange Commission.

The company then immediately repurchased and canceled the preferreds. The purchase price was $158.7 million.

The holders were funds affiliates with WL Ross & Co. LLC.

The company also amended its senior secured term loan on Monday with Barclays Bank plc as administrative agent to permit repurchases of all of the convertible preferreds and up to $1.5 billion of common stock, in each case subject to pro forma financial covenant compliance.

Ocwen is a financial services holding company based in Atlanta.

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