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.