PHH Corporation Announces the Closing of C$363 Million Note Offering Backed By Canadian Fleet Lease Assets
2010年1月28日 - 10:47PM
ビジネスワイヤ(英語)
PHH Corporation (NYSE:PHH) (“PHH” or the “Company”) today
announced the closing on January 27, 2010 of a series of
transactions resulting in the sale of certain fleet lease assets
originated and serviced by PHH Vehicle Management Services Inc.
(“PHH VMS”), the Company’s indirect wholly-owned Canadian fleet
management business, to Fleet Leasing Receivables Trust (“FLRT”),
which, in turn, issued and sold approximately C$363 million of
senior Series 2010-1 Asset-Backed Notes (the “Notes”) backed by the
PHH VMS fleet lease assets. FLRT is a Canadian special purpose
trust established and administered by PHH VMS for the purpose of
acquiring, disposing of and administering fleet leases and
borrowing funds or issuing securities to finance the acquisition of
such assets.
FLRT issued two tranches of Class A-1 Notes for aggregate
proceeds of approximately C$126 million, both tranches being rated
R-1(high) and P-1 by DBRS and Moody’s Investors Service
(“Moody’s”), respectively. In addition, FLRT issued two tranches of
Class A-2 Notes for aggregate proceeds of approximately C$237
million, both tranches being rated AAA and Aaa by DBRS and Moody’s,
respectively. In connection with its responsibility for managing
the Canadian Secured Credit Facility that has been jointly
established by Canada’s Departments of Finance and Industry, the
Business Development Bank of Canada (“BDC”) purchased all of the
approximately C$91 million of Notes issued in one of the Class A-2
Note tranches.
PHH intends to use most of the net proceeds from the issuance
and related transactions to reduce outstandings under PHH's Amended
and Restated Competitive Advance and Revolving Credit Agreement due
in 2011 (“Revolving Credit Facility”) thereby creating incremental
capacity to fund PHH’s business needs. In explaining the
significance of this transaction, Jerome J. Selitto, president and
chief executive officer of PHH, stated: “This is a very important
transaction for our fleet management business and our clients. As
we previously discussed, the reestablishment of a Canadian lease
securitization program has been a key part of our overall financing
strategy to diversify PHH's funding sources and to maintain
sufficient and appropriate liquidity to support our businesses
while reducing borrowings under our Revolving Credit Facility.”
Further commenting on the transaction, George J. Kilroy,
president of PHH Arval, stated: “We remain encouraged by the
improvements we have seen over the last twelve months in asset
backed securities markets, both in Canada and the U.S., and the
demand for securities backed by PHH fleet assets. Our Company
continues to solidify its position as a leading provider of
financing solutions for the commercial fleet industry throughout
North America. We committed to providing a lease product to our
fleet management clients that is consistent with our outstanding
client service and award winning technology and innovation and we
have delivered in both Canada and the U.S.”
With the exception of the tranche of Class A-2 Notes which were
purchased by BDC under a Canadian public offering, all of the Notes
were offered for sale by private placement. In addition, PHH VMS
purchased the subordinated Class B Notes issued by FLRT as part of
the issuance of the Series 2010-1 Asset-Backed Notes (together
with the “Notes”, the “Issued Notes”). The Class B Notes are rated
A and A2 by DBRS and Moody’s, respectively.
None of the Issued Notes have been, nor will they be, registered
under the Securities Act of 1933, as amended (the “Securities
Act”), or any applicable state securities laws, and none of the
Issued Notes may be offered or sold in the United States without
registration under the Securities Act or pursuant to an applicable
exemption from such registration. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy
the Issued Notes, nor shall it constitute an offer, solicitation or
sale of the Issued 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 2010
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.
Phh (NYSE:PHH)
過去 株価チャート
から 6 2024 まで 7 2024
Phh (NYSE:PHH)
過去 株価チャート
から 7 2023 まで 7 2024