PHH Corporation Announces Sale of Certain Assets of PHH Home Loans
2017年2月16日 - 6:48AM
ビジネスワイヤ(英語)
PHH Mortgage, Realogy Mutually Agree to Exit
Existing PHH Home Loans Joint Venture Relationship
PHH Corporation (NYSE: PHH) ("PHH" or the "Company") today
announced that it has entered into an agreement with Guaranteed
Rate Affinity LLC, a new joint venture established by Guaranteed
Rate, Inc. (“Guaranteed Rate”) and Realogy Holdings Corp. (NYSE:
RLGY) (“Realogy”), for the sale of certain assets of PHH Home Loans
(“the transaction”). As part of the transaction, Guaranteed Rate
Affinity will acquire certain assets of PHH Home Loans’ mortgage
operations, including its four regional mortgage origination and
processing centers, corporate relocation division and a substantial
majority of employees across the United States.
Following the completion of the transaction and subsequent
monetization of the net investment in PHH Home Loans, the Company
expects to realize cash proceeds of $92 million before estimated
transaction and other costs. The closing of the transaction is
subject to Guaranteed Rate Affinity meeting certain state mortgage
licensing requirements, PHH stockholder approval and other closing
requirements. The transaction is expected to include a series of
interim asset sale closings with the initial closing targeted to
occur in June 2017 and the final closing expected to occur during
the fourth quarter 2017.
Glen A. Messina, President and CEO of PHH Corporation, said, “We
are pleased to have reached an agreement with Guaranteed Rate
Affinity for the sale of the assets of our PHH Home Loans joint
venture. The decision to sell our existing Joint Venture is a
result of our review of strategic alternatives. We believe this
outcome represents the best opportunity to maximize the value of
this platform and, when combined with the previously announced sale
of MSRs, enables us to realize a substantial portion of our balance
sheet value.”
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.
About PHH Home Loans
Headquartered in Mount Laurel, New Jersey, PHH Home Loans, LLC
is a joint venture between PHH Mortgage, a subsidiary of PHH
Corporation (NYSE: PHH), and Realogy Holdings Corp. (NYSE: RLGY).
Through this joint venture, we provide mortgage services to more
than 700 real estate offices within NRT, LLC, a subsidiary of
Realogy and the nation’s largest residential real estate brokerage
company. For additional information, please visit
www.phhhomeloans.com.
Additional Information and Where to Find It
In connection with the proposed transaction, PHH will file a
proxy statement with the Securities and Exchange Commission
(“SEC”). Stockholders are strongly advised to read the proxy
statement and any other relevant documents filed with the SEC as
they become available because they will contain important
information about the proposed transaction. Stockholders may
obtain a copy of the proxy statement when available along with
other documents filed by the Company, free of charge, by contacting
PHH Investor Relations: in writing at PHH Corporation, 3000
Leadenhall Road, Mt. Laurel, NJ 08054, by telephone at
856-917-7405, by email at investor.relations@phh.com, or by
accessing the PHH website at www.phh.com, or the SEC website at
www.sec.gov.
Participants in Solicitation
The Company and its directors, executive officers, and certain
other members of its management and employees may be deemed to be
participants in the solicitation of proxies from its stockholders
in connection with the proposed transaction. Information concerning
PHH’s directors and executive officers is set forth in the proxy
statement for PHH’s 2016 annual meeting of stockholders as filed
with the SEC on Schedule 14A on April 28, 2016, and in its most
recent Annual Report on Form 10-K for the fiscal year ended
December 31, 2015 as filed with the SEC on February 26, 2016.
Information regarding the interests of such directors and executive
officers in the solicitation will be more specifically set forth in
the proxy statement concerning the proposed transaction that will
be filed with the SEC. In addition to the proxy statement, PHH
files annual, quarterly and special reports, proxy statements and
other information with the SEC. You may read and copy any reports,
statements or other information at the SEC public reference room in
Washington, D.C. Please call the SEC at 1-800-SEC-3030 for further
information on the public reference rooms. PHH’s filings with the
SEC are also available to the public from commercial
document-retrieval services and at the website maintained by the
SEC at http://www.sec.gov.
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.”
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20170215006307/en/
PHH CorporationInvestorsHugo Arias,
856-917-0108hugo.arias@phh.comorMediaDico Akseraylian,
856-917-0066dico.akseraylian@phh.com
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