WEST PALM BEACH, Fla., Nov. 16, 2016 (GLOBE NEWSWIRE) -- Ocwen Financial Corporation, (NYSE:OCN) ("Ocwen" or the "Company"), a leading financial services holding company, today announced that $346.5 million aggregate principal amount (99.1%) of its 6.625% Senior Notes due 2019 (the "Existing Notes") had been tendered as of 5:00 p.m. New York City time, on November 15, 2016 (such date and time, the "Early Tender Date") pursuant to the previously announced Exchange Offer (as defined below) by its subsidiary Ocwen Loan Servicing, LLC ("OLS"). On November 1, 2016, OLS commenced an offer to exchange (the "Exchange Offer") all outstanding Existing Notes held by eligible holders for up to $350 million aggregate principal amount of newly issued 8.375% Senior Secured Second Lien Notes due 2022 of OLS (the "New Second Lien Notes") upon the terms and subject to the conditions set forth in the offering memorandum dated November 1, 2016 and the related letter of transmittal (collectively, the "Offering Materials"). The CUSIP numbers for the Existing Notes are: 675746 AF8 (Registered), U67503 AA7 (Reg S) and 675746 AE1 (Rule 144A). The Exchange Offer will expire at 11:59 p.m., New York City time, on November 30, 2016, unless extended (such date and time, as the same may be extended, the "Expiration Date"). To be eligible to receive the applicable Total Exchange Consideration, eligible holders must have validly tendered and not validly withdrawn their Existing Notes at or prior to the Early Tender Date. Tenders of Existing Notes may not be withdrawn after 5:00 p.m., New York City time, on November 15, 2016, unless extended (such date and time, as the same may be extended, the "Withdrawal Deadline"). Upon the terms and subject to the conditions set forth in the Offering Materials, eligible holders who validly tender and do not validly withdraw their Existing Notes on or prior to the Early Tender Date, and whose tenders are accepted for exchange, will receive, the Total Exchange Consideration which consists of $950 principal amount of New Second Lien Notes for each $1,000 principal amount of Existing Notes tendered (the "Exchange Consideration"), plus an early tender premium equal to $50 principal amount of New Second Lien Notes for each $1,000 principal amount of Existing Notes tendered (the "Early Tender Premium"). Eligible holders validly tendering their Existing Notes after the Early Tender Date and on or prior to the Expiration Date will only be eligible to receive the Exchange Consideration and not the Early Tender Premium.