PHH Corporation Announces $155 Million Servicing Advance Receivables Securitization
2015年6月15日 - 9:55PM
Mount Laurel, NJ - June 15, 2015 - PHH Corporation
(NYSE: PHH) ("PHH" or the "Company") announced today that on June
11, 2015, PHH Servicer Advance Receivables Trust 2013-1 ("PSART"),
an indirect, wholly owned subsidiary of the Company, issued
variable funding notes (the "Servicing Advance Notes") in an
aggregate maximum principal amount of $155 million in a transaction
with Wells Fargo Bank, N.A., as note purchaser and Wells Fargo
Securities, LLC, as agent.
On the closing date, the outstanding principal
balance of the Servicing Advance Notes was $87.2 million, and $83.9
million of proceeds from the initial issuance of Servicing Advance
Notes was used to repay in full all amounts owing under variable
funding notes previously issued by PSART to The Royal Bank of
Scotland plc in March 2014.
At any time on or before June 15, 2016, upon the
request of PSART, the note purchaser will advance additional funds
by purchasing additional Servicing Advance Note balances not to
exceed $155 million, subject to conditions precedent and borrowing
base availability determined based upon advance rates relating to
the unpaid balance of eligible servicing advance receivables held
by PSART at the time.
The final maturity of the Servicing Advance Notes
is June 15, 2017. The Servicing Advance Notes bear interest,
payable monthly, based on the London Interbank Offered Rate plus an
agreed-upon margin.
"We are pleased to close this transaction and
believe the terms reflect ongoing lender support for PHH," said
Robert Crowl, Chief Financial Officer of PHH Corporation.
About PHH
Corporation
Headquartered in Mount Laurel, New Jersey, PHH Corporation is a
leading provider of end-to-end mortgage solutions through its
subsidiary, PHH Mortgage. Its outsourcing model and proven
expertise, combined with a strong commitment to operational
excellence and customer service, has enabled PHH Mortgage to become
one of the largest non-bank originators and servicers of
residential mortgages in the United States. PHH Mortgage provides
mortgage solutions for the real estate market and financial
institutions, and offers home financing directly to consumers. For
additional information, please visit www.phh.com.
Forward-Looking Statements
Certain statements in this press release are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Generally, forward looking-statements are
not based on historical facts but instead represent only our
current beliefs regarding future events. All forward-looking
statements are, by their nature, subject to risks, uncertainties
and other factors that could cause actual results, performance or
achievements to differ materially from those expressed or implied
in such forward-looking statements. Investors are cautioned not to
place undue reliance on these forward-looking statements.
Such statements may be identified by words such as "expects,"
"anticipates," "intends," "projects," "estimates," "plans," "may
increase," "may fluctuate" and similar expressions or future or
conditional verbs such as "will," "should," "would," "may" and
"could." For example, the statement in this press release
that we believe the terms reflect ongoing lender support for PHH is
a forward-looking statement.
You should understand that forward-looking
statements are not guarantees of performance or results and are
preliminary in nature. 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 U.S. Securities and Exchange Commission,
including our most recent Annual Report on Form 10-K and Quarterly
Reports on Form 10-Q, in connection with any forward-looking
statements that may be made by us or our businesses generally. Such
periodic reports are available in the "Investors" section of our
website at http://www.phh.com and are also available at
http://www.sec.gov. Except for our ongoing obligations to
disclose material information under the federal securities laws,
applicable stock exchange listing standards and unless otherwise
required by law, we undertake no obligation to release publicly any
updates or revisions to any forward-looking statements or to report
the occurrence or non-occurrence of anticipated or unanticipated
events.
Contact Information:
Investors
Rob Crowl
robert.crowl@phh.com
(856) 917-7118
Media
Dico Akseraylian
dico.akseraylian@phh.com
(856) 917-0066
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: PHH Corporation via Globenewswire
HUG#1928523
Phh (NYSE:PHH)
過去 株価チャート
から 9 2024 まで 10 2024
Phh (NYSE:PHH)
過去 株価チャート
から 10 2023 まで 10 2024