Home Loan Servicing Solutions is selling 12.5 million shares and will grant underwriters a 30-day option to purchase up to an additional aggregate of 1.875 million ordinary shares.

HLSS intends to use net proceeds from the offering to acquire mortgage servicing assets from Ocwen Loan Servicing.

Some of the money will also be used to pay off debts, both unrelated and related to the sale of the shares.

HLSS is a spin-spin off of Ocwen and a frequent purchaser of its mortgage assets. In Press materials, HLSS stresses that it is "internally managed."

Wells Fargo Securities, Barclays Capital, BofA Merrill Lynch and JP Morgan Securities are acting as the joint book-running managers for the offering, according to a release from the company.