Key Developments: PHH Corp (PHH)
21.65USD
21 May 2013
$-0.26 (-1.19%)
$21.48
$21.84
$22.05
$21.56
824,975
1,173,807
$23.90
$15.10
Latest Key Developments (Source: Significant Developments)
PHH Corp Announces Appointment Of Robert B. Crowl As Chief Financial Officer-Form 8-K
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 Subsidiary Enters Into Strategic Relationship with PHH Corp's Subsidiary
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 Announces Board Changes
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
PHH Corporation Announces Completion Of Offering Of Convertible Senior Notes
PHH Corporation announced the closing of its offering of $250 million in aggregate principal amount of 6.00% Convertible Senior Notes due 2017. The aggregate principal amount of the notes issued reflects the full exercise of the $30 million over-allotment option granted to the underwriters with respect to the notes. J.P. Morgan Securities LLC and BofA Merrill Lynch acted as joint book-running managers for the offering. Barclays Capital Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., RBC Capital Markets, LLC and RBS Securities Inc. acted as co-managers. The Company will use a portion of the net proceeds of the offering, along with the net proceeds from the recent reopening of its 9 ¼% senior notes due 2016, to repay at or prior to maturity the outstanding $250 million aggregate principal amount of its 4.00% Convertible Senior Notes due April 15, 2012. The remainder of the net proceeds will be used for general corporate purposes. Full Article
PHH Corporation Announces Pricing Of Convertible Senior Notes
PHH Corporation announced that it has priced its offering of $220 million in aggregate principal amount of 6.00% Convertible Senior Notes due 2017. PHH has also granted the underwriters of the notes a 30-day over-allotment option to purchase up to $30 million additional aggregate principal amount of the notes. The notes will be convertible, under certain circumstances, into cash and, if applicable, shares of PHH's common stock based on an initial conversion rate for the notes of 78.2014 shares of PHH's common stock per $1,000 principal amount of notes. The conversion rate and the conversion price will be subject to adjustment in certain events, such as distributions of dividends or stock splits. PHH expects to close the notes offering on or about January 17, 2012. J.P. Morgan Securities LLC and BofA Merrill Lynch are acting as joint book-running managers for the offering. Barclays Capital Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., RBC Capital Markets, LLC and RBS Securities Inc. are acting as co-managers. PHH intends to use a portion of the net proceeds of the offering, along with the net proceeds from the recent reopening of its 9 ¼% senior notes due 2016, to repay at or prior to maturity the outstanding $250 million aggregate principal amount of its 4.00% Convertible Senior Notes due April 15, 2012. The remainder of the net proceeds will be used for general corporate purposes. Full Article
PHH Corporation Appoints New President And CEO
PHH Corporation announced that its Board of Directors has elected Glen A. Messina, President and Chief Executive Officer (CEO), effective immediately. Mr. Messina has also been elected to the Board of Directors as a Class III Director. Mr. Messina succeeds Jerome Selitto, who has resigned as President and Chief Executive Officer, effective immediately. Full Article
PHH Corporation Announces Pricing of $100 Million of Add-on Offering of 9 ¼% Senior Notes Due 2016
PHH Corporation announced the pricing of $100 million aggregate principal amount of 9 ¼% senior notes due 2016, at an issue price of 99.01%, plus accrued interest from September 1, 2011 to anticipated settlement date, through Citigroup Global Markets Inc. and J.P. Morgan Securities LLC, as representatives of the several underwriters. The notes to be issued in this offering and the previously issued 9 ¼% senior notes due 2016 will be fully fungible and form a single class of notes under indenture. The notes mature on March 1, 2016. The notes will bear interest at a rate of 9.25% annually payable on March 1 and September 1 of each year, beginning on March 1, 2012. This offering is expected to close on or about December 12, 2011. PHH estimates the net proceeds from the issuance and sale of the notes will be approximately $96.3 million. PHH intends to use a portion of the net proceeds from this offering, along with cash on hand and borrowings under its Amended and Restated Competitive Advance and Revolving Credit Agreement, dated as of January 6, 2006, as amended (the Amended Credit Facility) to repay at or prior to maturity the outstanding $250 million aggregate principal amount of its 4.00% Convertible Senior Notes due April 15, 2012. Pending such use, the proceeds may be used to temporarily repay outstanding borrowings under the Amended Credit Facility, originate mortgage loans or may be invested temporarily in short-term interest-bearing investment funds or similar assets. Full Article
Brian Gay wins Challenge in three-way playoff
LA QUINTA, California - Brian Gay clinched his fourth PGA Tour title in champion style when he beat fellow American Charles Howell III and Swede David Lingmerth in a sudden-death playoff to win the Humana Challenge on Sunday.
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