In Brief: Va. Financial Company Completes $30M IPO

Ocwen Financial Corp. has completed an initial public offering of $30 million in equity and $125 million in debt.

The IPO of two million shares was priced at $15 by an underwriting group led by Friedman, Billings, Ramsay. The offering of notes, which mature in 2003, was priced at par with an 11.875% coupon.

Ocwen is a specialty finance firm in West Palm Beach, Fla., that buys and restructures troubled mortgage loans.

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