Ocwen Financial Corporation, today announced the pricing, on June 22, 2015, of $225.0 million in fixed rate asset-backed term notes (the "Term Notes") to be issued by Ocwen Freddie Advance Funding LLC (the "Issuer"). The issuance and sale of the Term Notes, which will carry a weighted average fixed interest rate of 2.225%, is subject to customary closing conditions and is expected to close on June 26, 2015. The new $450.0 million servicing advance facility also includes variable funding notes (the "VFN Notes" and, together with the Term Notes, the "Notes"), which were recently issued in connection with the refinancing of an existing $400.0 million servicing advance facility. The net proceeds from the Term Notes will be used to reduce amounts outstanding under the VFN Notes.

"I am pleased to announce the execution of our recent servicer advance securitization," said Michael Bourque, Executive Vice President and CFO of Ocwen. "We believe that this execution, which replaces floating-rate debt with fixed-rate term debt at favorable rates, demonstrates investor confidence in Ocwen within the ABS markets."

The Notes are secured by servicing advance receivables associated with the Company's Freddie Mac servicing portfolio, and were issued in various credit classes with expected ratings by Standard & Poor's from AAA to BBB. 

The Notes have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws. Accordingly, the Notes are being offered and sold only to "qualified institutional buyers" (as defined in Rule 144A under the Securities Act) and outside the United States to non-U.S. persons in offshore transactions in accordance with Regulation S under the Securities Act. Therefore, the Notes will be subject to restrictions on transferability and resale, and may not be transferred or resold absent an effective registration statement or an applicable exemption from such registration requirements of the Securities Act.

This press release does not constitute an offer to sell or solicitation of an offer to purchase with respect to the Notes or other securities, nor shall there be any sale of the Notes in any state or jurisdiction in which such offer, solicitation or purchase would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.