News: PHH Corp (PHH.N)

PHH.N on New York Stock Exchange

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Wed, Jun 4 2014

Fitch Downgrades PHH to 'BB-' & Places Rtg on Negative Watch Following Fleet Sale Announcement

(The following statement was released by the rating agency) CHICAGO, June 04 (Fitch) Fitch Ratings has downgraded the long-term Issuer Default Ratings (IDR) of PHH Corporation (PHH) to 'BB-' from 'BB', and placed the long-term ratings on Watch Negative following the announcement that the company has entered into a definitive agreement to sell the Fleet Management Services business to Element Financial Corporation for approximately $1.4 billion in a stock-for-cash transaction. KEY RATING DR

Element says to pay $1.4 billion for PHH auto leasing unit

NEW YORK - Element Financial Corp has agreed to buy PHH Corp's auto fleet leasing business for about $1.4 billion in cash, and will issue $1.1 billion in capital to pay for the deal, the two companies said on Monday.

UPDATE 2-Element says to pay $1.4 bln for PHH auto leasing unit

(New throughout, adds confirmation of agreement, details of financing, quotes)

Element, PHH boards approve deal for auto leasing unit -sources

NEW YORK, June 2 - Element Financial Corp is finalizing a deal to buy PHH Corp's auto fleet leasing business for about $1.4 billion, two sources familiar with the matter said on Monday.

Element close to buying PHH's fleet leasing unit -sources

NEW YORK - Canadian equipment finance company Element Financial Corp is close to a deal to buy PHH Corp's auto fleet leasing business for about $1.35 billion in cash, two sources familiar with the matter said on Friday.

UPDATE 2-Element close to buying PHH's fleet leasing unit -sources

NEW YORK, May 30 - Canadian equipment finance company Element Financial Corp is close to a deal to buy PHH Corp's auto fleet leasing business for about $1.35 billion in cash, two sources familiar with the matter said on Friday.

Element close to buying PHH's fleet leasing unit: source

NEW YORK - Canadian equipment finance company Element Financial Corp is close to a deal to buy PHH Corp's auto fleet leasing business for about $1.35 billion in cash, according to a source familiar with the matter on Friday.

Element close to buying PHH's fleet leasing unit -source

NEW YORK, May 30 - Canadian equipment finance company Element Financial Corp is close to a deal to buy PHH Corp's auto fleet leasing business for about $1.35 billion in cash, according to a source familiar with the matter on Friday.

Exclusive: Element nears deal to buy PHH's leasing unit for $1.35 billion

NEW YORK - Canadian equipment finance company Element Financial Corp is in exclusive talks to buy PHH Corp's fleet leasing business for about $1.35 billion in cash, in a deal structured to include significant tax benefits, a source familiar with the matter said on Wednesday.

Exclusive: Element nears deal to buy PHH's leasing unit for $1.35 billion

NEW YORK - Canadian equipment finance company Element Financial Corp is in exclusive talks to buy PHH Corp's fleet leasing business for about $1.35 billion in cash, in a deal structured to include significant tax benefits, a source familiar with the matter said on Wednesday.

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