Ocwen Financial Corp. this morning said it would raise $375 million of new equity and use some of the proceeds to buy $15 billion of mortgage servicing rights from JPMorgan Chase.

According to a research note from Sterne Agee, Ocwen is actually paying a total of $950 million for the JPM MSRs, but the figure includes servicing advances.

When the advances are factored out of the equation, the MSRs are valued at $165 million or 110 basis points of UPB.

However, a subsequent look at the deal has the MSR price being as low as $82 million, said one analyst. “It's a good deal for Ocwen,” he said.

Overall, Ocwen priced 25 million shares of public common stock at $13 per unit.

The specialty servicer granted its underwriters a 30-day option to purchase up to 3.75 million additional shares to cover overallotments.

The transaction is expected to close on Nov. 16.

JPMorgan Securities, Bank of America Merrill Lynch and Citigroup Global Markets are acting as joint book-running managers for the common stock offering. Keefe, Bruyette & Woods is acting as co-manager.

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