Ocwen Financial Completes Stock Offering

WEST PALM BEACH, Fla. (AP) — Loan servicing company Ocwen Financial Corp. said Tuesday it completed a public offering of 32.2 million shares of common stock.

Net proceeds of $275.3 million will be used for general corporate purposes including acquisitions and working capital.

The offering included 4.2 million shares of common stock purchased by the underwriters to cover overallotments.

J.P. Morgan Securities Inc., Barclays Capital Inc. and Wells Fargo Securities, LLC acted as joint book-running managers for the common stock offering. Piper Jaffray & Co. and Keefe, Bruyette & Woods, Inc. acted as co-managers.

Shares rose 43 cents, or 4.8 percent, to close at $9.45.