Home Loan Servicing Solutions Announces Closing of Public Equity Offering
June 26 2013 - 4:05PM
Home Loan Servicing Solutions, Ltd. (Nasdaq:HLSS) announced today
the closing of its previously announced underwritten public
offering of ordinary shares. HLSS sold a total of 14,161,475 newly
issued ordinary shares, including 1,161,475 ordinary shares sold as
a result of the partial exercise of the underwriters' option to
purchase additional ordinary shares on June 25, 2013, at a price to
the public of $23.00 per share. HLSS received net proceeds of
approximately $316 million from the offering after deducting
underwriting discounts and commissions and estimated offering
expenses. HLSS intends to use the net proceeds of the offering
to acquire mortgage servicing assets from Ocwen Loan Servicing, LLC
and to pay fees, costs and expenses in connection with the
acquisition of these assets.
Wells Fargo Securities, LLC, Barclays Capital Inc., BofA Merrill
Lynch and J.P. Morgan Securities LLC acted as the joint
book-running managers for the offering.
The shares were offered pursuant to a prospectus supplement and
an accompanying prospectus filed as part of an effective shelf
registration statement filed with the Securities and Exchange
Commission on Form S-3. Copies of the prospectus supplement
and the accompanying prospectus relating to this offering may be
obtained from Wells Fargo Securities, LLC, via telephone:
(800) 326-5897, email: cmclientsupport@wellsfargo.com, or
standard mail at Wells Fargo Securities, 375 Park Avenue, 4th
Floor, New York, NY 10152, Attn: Equity Syndicate; from Barclays
Capital Inc., via telephone: (888) 603-5847, email:
Barclaysprospectus@broadridge.com, or standard mail at Barclays
Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island
Avenue, Edgewood, NY 11717; from BofA Merrill Lynch, via email to
dg.prospectus_requests@baml.com or standard mail at BofA Merrill
Lynch, Attn: Prospectus Department, 222 Broadway, New York, NY
10038; or from J.P. Morgan Securities LLC, via telephone:
(866) 803-9204 or standard mail at J.P. Morgan Securities LLC, c/o
Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood,
NY 11717, Attention: Prospectus Department.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such an
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or
jurisdiction.
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of
1934, as amended. Forward-looking statements are not guarantees of
future performance, and involve a number of assumptions, risks and
uncertainties that could cause actual results to differ materially.
Important factors that could cause actual results to differ
materially from those suggested by the forward-looking statements
include, but are not limited to, the following: general economic
and market conditions, prevailing interest rates, governmental
regulations and policies, availability of adequate and timely
sources of liquidity, our ability to maintain our PFIC status, real
estate market conditions and other risks detailed in HLSS' reports
and filings with the Securities and Exchange Commission. The
forward-looking statements speak only as of the date they are made
and should not be relied upon. HLSS undertakes no obligation to
update or revise the forward-looking statements.
CONTACT: James E. Lauter
Senior Vice President & Chief Financial Officer
T: (561) 682-7561
E: James.Lauter@hlss.com
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