GEORGE TOWN, Grand Cayman, Feb. 29, 2012 (GLOBE NEWSWIRE) -- Home Loan Servicing Solutions, Ltd. (Nasdaq:HLSS), a Cayman Islands company formed to acquire mortgage servicing assets consisting of mortgage servicing rights, rights to mortgage servicing rights, associated servicing advances and other related assets, today announced its initial public offering of 13,333,333 of its ordinary shares at a price to the public of $14.00 per share. HLSS has granted the underwriters a 30-day option to purchase up to an additional aggregate of 2,000,000 ordinary shares to cover over-allotments, if any. In addition, HLSS has agreed to issue and sell to William C. Erbey, its Chairman of the Board of Directors, an additional $10 million of its ordinary shares at the initial price to the public in a concurrent private placement. The net proceeds will be used to purchase the right to receive servicing and other related fees, associated servicing advances and other related assets from Ocwen Loan Servicing, LLC.
Wells Fargo Securities, LLC, Barclays Capital Inc., Citigroup Global Markets Inc. and Deutsche Bank Securities Inc. are acting as the joint book-running managers for the offering.
The offering of these securities will be made only by means of a prospectus, copies of which may be obtained from Wells Fargo Securities, LLC, via telephone: (800) 326-5897; email: cmclientsupport@wellsfargo.com; or standard mail at Wells Fargo Securities, 375 Park Avenue, 4th Floor, New York, NY 10152, Attn: Equity Syndicate; from Barclays Capital Inc., via telephone: (888) 603-5847; email: Barclaysprospectus@broadridge.com; or standard mail at Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717; from Citigroup Global Markets Inc., via telephone: (877) 858-5407; email: mailto:batprospectusdept@citi.com">batprospectusdept@citi.com; or standard mail at Citigroup Global Markets Inc., Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, NY 11220, Attention: Prospectus Department; or from Deutsche Bank Securities Inc., via telephone: (800) 503-4611; email: prospectus.cpdg@db.com; or standard mail at Deutsche Bank Securities Inc., Attention: Prospectus Department, Harborside Financial Center, 100 Plaza One, Jersey City, New Jersey 07311-3988.
A registration statement relating to these securities has been declared effective by the Securities and Exchange Commission. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.