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PHH Corporation Commences Tender Offer And Consent Solicitation For 9¼% Senior Notes Due 2016

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.

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