According to Benzinga, Ocwen Financial Corporation (OCN) amended its senior secured term loan facility agreements. Based on the report's data, 100,000 of the 162,000 outstanding shares of its Series A Perpetual Convertible Preferred Stock were converted into common stock and immediately repurchased and cancelled.
"We are pleased to successfully execute on these transactions," commented Bill Erbey, Ocwen's Executive Chairman. "As we have said publicly, we believe that our cash generating capability and debt capacity are sufficient to fund substantial growth and return earnings to our shareholders in the form of stock repurchases. We view the amendment to our Senior Secured Term Loan Facility Agreement and the opportunity to make this repurchase from WL Ross & Co. as consistent with our long-term plans."