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HLSS Floats New Stock Issue for Ocwen Unit Buy

Home Loan Servicing Solutions (NASDAQOTH: HLSS  ) is servicing its capital base with a new share offering that should total nearly $300 million. The company is floating 13 million shares of its stock in an underwritten public issue at a price of $23 per share. All told, the gross proceeds of the offering should amount to roughly $299 million.

HLSS said it plans to use its share of the proceeds of the issue to purchase the mortgage servicing assets of Ocwen's (NYSE: OCN  ) loan servicing arm, plus expenses related to the transaction.

The joint book-running managers of the issue are Barclays' Capital division, JPMorgan Chase's (NYSE: JPM  ) J.P. Morgan Securities, Bank of America's (NYSE: BAC  ) Merrill Lynch, and the Securities unit of Wells Fargo (NYSE: WFC  ) . The offering is expected to close on June 26.

At the moment, HLSS has nearly 57 million shares outstanding, and its stock trades at $23.01 per share.

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Related Tickers

12/31/1969 7:00 PM
HLSS $0.00 Down +0.00 +0.00%
Home Loan Servicin… CAPS Rating: *****
OCN $3.51 Down -0.10 -2.77%
Ocwen Financial CAPS Rating: ***