Deutsche Bank and Barclays Wednesday will begin the syndication process for a $350 million term loan backing Ocwen Loan Servicing’s acquisition of HomEq Servicing, according to sources.
Price talk has not been announced.
Ocwen Loan Servicing, a unit of Ocwen Financial, is purchasing loan servicing company HomEq for approximately $1.3 billion. The banks arranged the term loan earlier this month (LFN, June 1, 2010). The transaction is expected to close in the third quarter.
Ocwen Financial is rated B- by Standard & Poor’s.
