Key Developments: PHH Corp (PHH.N)
14 Mar 2014
Latest Key Developments (Source: Significant Developments)
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 9¼% 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
PHH Corp reported in its Form 8-K that On April 20, 2012, PHH Corporation (Company) announced that Robert B. Crowl, age 48, was appointed Executive Vice President of the Company effective April 26, 2012, and that Mr. Crowl would assume the role of Chief Financial Officer (CFO) after the Company had completed its first quarter 2012 financial reporting and filed its Quarterly Report on Form 10-Q. Mr. Crowl was appointed as Executive Vice President and Chief Financial Officer of the Company effective May 3, 2012, and will also serve as the Company’s principal financial officer and principal accounting officer, following the resignation of Mr. David Coles as Interim Executive Vice President and Chief Financial Officer. Full Article
HSBC Holdings PLC's wholly owned subsidiary HSBC Bank USA, N.A has entered into a strategic relationship with PHH Mortgage Corporation (PHH Mortgage), a subsidiary of PHH Corp, to manage HSBC's mortgage processing and servicing operations Under the terms of the agreement, PHH Mortgage will provide HSBC with mortgage originations processing services as well as sub servicing of the bank's prime mortgage loan portfolio and serviced for others portfolio. There is no consideration payable or transfer of assets involved but HSBC will pay fees to PHH Mortgage for the services provided in accordance with the agreement. As at March 31, 2012 the unpaid principal balances of the owned prime mortgage loan portfolio and the serviced for others portfolio were USD15.5 billion and USD36.6 billion, respectively. The relationship allows HSBC to leverage PHH Mortgage's mortgage platform capabilities. HSBC will continue to offer mortgages through its branch network, and its in-house loan officer sales force will maintain its focus on originating mortgages for HSBC customers. The agreement will see approximately 400 HSBC employees given the opportunity to transfer to PHH Mortgage. The transfer of these operations to PHH Mortgage is expected to complete in the first quarter of 2013. Full Article
PHH Corporation announced that Robert Crowl has been appointed Executive Vice President effective April 26, 2012. Crowl will assume the role of Chief Financial Officer after the Company has completed its first quarter 2012 financial reporting and has filed its Quarterly Report on Form 10-Q. He will succeed David Coles, who has been serving as interim Chief Financial Officer. Full Article
WASHINGTON, Jan 29 - The U.S. Consumer Financial Protection Bureau said on Wednesday it was taking action against mortgage lender PHH Corp over allegations of steering borrowers to mortgage insurers from which it took kickbacks.