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Ocwen Financial Adds 4.2M Shares To Offering

The Associated Press

WEST PALM BEACH, Fla. (AP) — Loan servicing company Ocwen Financial Corp. said Friday that underwriters have exercised their option to buy additional shares in a stock offering.

Ocwen Financial said Thursday it would sell 28 million shares at $9 each, and hoped to net nearly $240 million. Underwriters had the option to buy 4.2 million more if demand merited, and did so, bringing the total number of shares to 32.2 million.

The proceeds will be used for general corporate purposes. The offering is set to close on Tuesday.

JPMorgan Securities Inc., Barclays Capital Inc. and Wells Fargo Securities LLC are acting as joint book-running managers of the offering.

Ocwen shares closed at $9.48 on Friday.