Home Loan Servicing Plans To Sell 18.3 Million Shares In IPO

Date : 08/10/2011 @ 6:21PM
Source : Dow Jones News
Stock : Ocwen Financial Corp. New (OCN)
Quote : 2.66  0.04 (1.53%) @ 4:02PM

Home Loan Servicing Plans To Sell 18.3 Million Shares In IPO

Ocwen (NYSE:OCN)
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Home Loan Servicing Solutions Ltd. said it plans to sell 18.3 million shares in its initial public offering, continuing its plans to go public at a turbulent time for the market.

The company, which in February filed plans to sell up to $316.3 million in stock, expects the shares will price at about $15.

The company now owned by Ocwen Financial Corp. (OCN) Chairman William C. Erbey was formed to acquire mostly subprime and Alt-A mortgage servicing rights and advances. It said it isn't subject to the risk associated with many loans because it only services mortgages and doesn't originate or buy them.

Erbey plans to buy $10 million worth of ordinary shares in a private placement at the same time as the IPO, according to a filing with the Securities and Exchange Commission.

The company has filed to list on Nasdaq under the symbol HLSS.

-By Drew FitzGerald, Dow Jones Newswires; 212-416-2909; Andrew.FitzGerald@dowjones.com

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