Key Developments: PHH Corp (PHH.N)

PHH.N on New York Stock Exchange

25 Nov 2014
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Latest Key Developments (Source: Significant Developments)

PHH Corp completes divestiture of fleet management services business
Monday, 7 Jul 2014 04:02pm EDT 

PHH Corp:Says effective July 01, 2014, it has completed previously announced sale of its Fleet Management Services business, doing business as PHH Arval, to Element Financial Corporation for cash consideration of $1.4 bln.  Full Article

PHH Corporation announces definitive agreement to sell Fleet Management Services Business
Monday, 2 Jun 2014 05:17pm EDT 

PHH Corporation:Enters into definitive agreement to sell its Fleet Management Services business, doing business as PHH Arval, to Element Financial Corporation for about 1.40 bln in cash.J.P. Morgan and Centerview Partners advised PHH Corporation on this transaction and legal representation was provided by Kirkland & Ellis, Skadden, Arps, Slate, Meagher & Flom and DLA Piper.  Full Article

PHH Corp Announces Pricing of Senior Notes
Tuesday, 6 Aug 2013 04:42pm EDT 

PHH Corp announced that the pricing of $350 million ($50 million more than previously announced) in aggregate principal amount of 6.375% Senior Notes due 2021 at an issue price of 100.000%, plus accrued interest from August 20, 2013. Initially, the notes will not be guaranteed by any of PHH`s subsidiaries. PHH expects to close the notes offering on or about August 20, 2013, subject to the satisfaction of customary closing conditions. J.P. Morgan Securities LLC, RBS Securities Inc., BofA Merrill Lynch, Barclays Capital Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., RBC Capital Markets, LLC and Wells Fargo Securities, LLC are acting as joint book-running managers for the offering. BNY Mellon Capital Markets, LLC, CIBC World Markets Corp., Goldman, Sachs & Co. and Scotia Capital (USA) Inc. are acting as co-managers. PHH intends to use the net proceeds of the offering, along with cash on hand, to repurchase up to $350 million aggregate principal amount of its 9ΒΌ% Senior Notes due 2016 by means of its previously announced tender offer and to pay related fees and expenses. As of June 30, 2013, there was $450 million aggregate principal amount of 2016 notes outstanding. Any proceeds in excess of the amounts needed to fund the Tender Offer will be used for general corporate purposes.  Full Article


Adrian Peterson denies he refused to attend NFL hearing

- Minnesota Vikings' running back Adrian Peterson disputed on Sunday a published report that he backed out of a meeting requested by the National Football League to discuss his future in the wake of his no contest plea to a child abuse charge.

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