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PHH Corporation Announces Completion Of Its Tender Offer For 9¼% Senior Notes Due 2016

Stocks in this article: PHH

PHH Corporation (NYSE: PHH) ("PHH" or the "Company") announced today the final results of its previously announced tender offer (the "Tender Offer") for up to $350 million aggregate principal amount of its outstanding 9¼% Senior Notes due 2016 (the "2016 Notes"). The Tender Offer expired at 11:59 p.m., New York City time, on September 3, 2013 (the "Offer Expiration Date"). The Company has been advised by the tender agent that as of the Offer Expiration Date, a total of approximately $280 million aggregate principal amount of the 2016 Notes (representing approximately 62% of the 2016 Notes outstanding as of the commencement of the Tender Offer) had been tendered.

The Company previously announced the completion of its solicitation of consents (the "Consent Solicitation") for certain proposed amendments to modify the covenants in the indenture governing the 2016 Notes to conform them with the covenants in the indenture governing the Company's 7.375% Senior Notes due 2019. The Consent Solicitation expired at 5:00 p.m., New York City time, on August 19, 2013 (the "Consent Expiration Date"). As previously announced, the Company received the requisite consents and, as a result, entered into a supplemental indenture, dated as of August 20, 2013, to effect the proposed amendments.

Holders of 2016 Notes who properly tendered after the Consent Expiration Date and on or prior to the Offer Expiration Date received $1,180 per $1,000 in principal amount of 2016 Notes (the "Total Consideration"), plus accrued and unpaid interest from the last interest payment date to, but not including, the final settlement date, which occurred today. In addition, holders of 2016 Notes who properly tendered and delivered consents on or prior to the Consent Expiration Date, but a portion of whose tendered 2016 Notes were not purchased on the early settlement date, which occurred on August 20, 2013, due to proration, also received the Total Consideration plus accrued interest for all of such prorated 2016 Notes. Following the Tender Offer, approximately $170 million aggregate principal amount of 2016 Notes remain outstanding.

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