PHH Corporation Announces Pricing of Asset Backed Notes Offering by Chesapeake Funding LLC
2009年6月3日 - 5:20AM
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PHH Corporation (NYSE:PHH) today announced the pricing by its
indirect wholly-owned subsidiary, Chesapeake Funding LLC
(�Chesapeake�), of $1.0 billion in aggregate principal amount of
its Series 2009-1 Floating Rate Asset Backed Notes, which Notes are
expected to qualify upon issuance as �eligible collateral� under
and as defined in the Term Asset-Backed Securities Loan Facility,
or �TALF�, established by the Federal Reserve Bank of New York, in
a private placement. The net proceeds from the offering of the
notes will be used to repay a portion of Chesapeake�s Series 2006-1
Floating Rate Asset Backed Variable Funding Investor Notes, with
any remaining proceeds from the offering expected to be used to
make loans to another of PHH Corporation�s indirect wholly-owned
subsidiaries, Chesapeake Finance Holdings LLC, to fund the
acquisition of vehicles to be leased to customers of PHH
Corporation�s fleet management business. This offering is expected
to close on June 9, 2009.
The notes have not been and will not be registered under the
Securities Act of 1933, as amended (the �Securities Act�), or any
applicable state securities laws, and may not be offered or sold in
the United States without registration under the Securities Act or
pursuant to an applicable exemption from such registration. The
notes will be sold to qualified institutional buyers in reliance on
Rule�144A under the Act. This press release shall not constitute an
offer to sell or the solicitation of an offer to buy the notes, nor
shall it constitute an offer, solicitation or sale of the notes in
any state in which such offer, solicitation or sale would be
unlawful.
About PHH Corporation
Headquartered in Mount Laurel, New Jersey, PHH Corporation is a
leading outsource provider of mortgage and vehicle fleet management
services. Its subsidiary, PHH Mortgage Corporation, is one of the
top five retail originators of residential mortgages in the United
States1, and its subsidiary, PHH Arval, is a leading fleet
management services provider in the United States and Canada. For
additional information about the company and its subsidiaries,
please visit our website at www.phh.com.
1 Inside Mortgage Finance, Copyright 2009
Forward-Looking Statements
Statements in this press release that are not historical facts
are forward-looking statements within the meaning of Section 27A of
the Securities Act and Section 21E of the Securities Exchange Act
of 1934, as amended (the �Exchange Act�). These statements are
subject to known and unknown risks, uncertainties and other factors
which may cause our actual results, performance or achievements to
be materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. You should understand that these statements are not
guarantees of performance or results and are preliminary in nature.
Statements preceded by, followed by or that otherwise include the
words �believes�, �expects�, �anticipates�, �intends�, �projects�,
�estimates�, �plans�, �may increase�, �may result�, �will result�,
�may fluctuate� and similar expressions or future or conditional
verbs such as �will�, �should�, �would�, �may� and �could� are
generally forward-looking in nature and not historical facts.
You should consider the areas of risk described under the
heading �Cautionary Note Regarding Forward-Looking Statements� and
�Risk Factors� in our periodic reports filed with the Securities
and Exchange Commission under the Exchange Act in connection with
any forward-looking statements that may be made by us and our
businesses generally. Except for our ongoing obligations to
disclose material information under the federal securities laws, we
undertake no obligation to release publicly any updates or
revisions to any forward-looking statements, to report events or to
report the occurrence of unanticipated events unless required by
law.
Important Additional Information
PHH Corporation, on May 7, 2009, filed a proxy statement in
connection with its 2009 Annual Meeting of Stockholders and advises
its stockholders to read that proxy statement because it contains
important information. Stockholders can obtain a free copy of that
proxy statement and other documents (when available) that PHH files
with the Securities and Exchange Commission at the Commission�s
website at www.sec.gov. That proxy statement and these other
documents are also available free of charge by directing a request
to PHH Corporation, Attn: Investor Relations, 3000 Leadenhall Road,
Mt. Laurel, New Jersey 08054 or visiting PHH�s website at
www.phh.com under the �Investor Relations� tab.
PHH, its directors and named executive officers may be deemed to
be participants in the solicitation of proxies from PHH
stockholders in connection with the 2009 Annual Meeting of
Stockholders. Information regarding the names, affiliations and
interests of such individuals is contained PHH�s proxy statement
referred to in the preceding paragraph.
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