PHH Corporation (NYSE:PHH) ("PHH" or the "Company") announced today that it has commenced a tender offer to purchase for cash up to $300.0 million aggregate principal amount (the "Maximum Tender Amount") of its 9¼% Senior Notes due 2016 (the "Notes").
In conjunction with the tender offer, the Company also commenced a consent solicitation to amend the indenture governing the Notes to modify the covenants to conform them with the covenants in the indenture governing the Company's 7.375% Senior Notes due 2019. The tender offer and consent solicitation are being made pursuant to the Company's Offer to Purchase and Consent Solicitation Statement (the "Statement") dated August 6, 2013.
Holders who properly tender and do not withdraw their Notes and deliver their consents to the proposed amendments on or prior to 5:00 p.m., New York City time, on August 19, 2013, unless extended or earlier terminated (the "Consent Expiration Date"), will be eligible to receive the total consideration, which includes an early tender premium equal to $30.00 per $1,000 principal amount of the tendered Notes, as set forth in the table below.
|CUSIP No.||Principal Amount Outstanding||Maximum Tender Amount||Security Description||Tender Offer Consideration (1)||Early Tender Premium (1)||Total Consideration (1)(2)|
|693320AL7||$450,000,000||$300,000,000||9¼% Senior Notes due 2016||$1,150||$30.00||$1,180|
(1) Per $1,000 principal amount of Notes validly tendered and accepted for purchase.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV