PHH Announces Results of Tender Offer and Consent Solicitation.MT. LAUREL Laurel, cities, United States Laurel. 1 Town (1990 pop. 19,438), Prince Georges co., central Md., about halfway between Washington, D.C., and Baltimore; patented in the late 1600s, inc. 1870. , N.J. -- PHH PHH Provinciale Handelsschool Hasselt (school) PHH Pasukan Anti Huru-Hara (Anti Riot Task Force) PHH Phillips Head (screw) PHH Planar Halogenated Hydrocarbon Corporation (NYSE NYSE See: New York Stock Exchange :PHH) ("PHH" or the "Company") today announced the final results of its previously announced tender offer and consent solicitation Consent Solicitation A solicitation by one party to the stakeholders of a particular security for the consent of a material change. Notes: Should the majority of stakeholders provide valid consent prior to the consent expiry date, the issuer may then follow through with (the "Offer") for its public notes (the "Securities"), which expired ex·pire v. ex·pired, ex·pir·ing, ex·pires v.intr. 1. To come to an end; terminate: My membership in the club has expired. 2. at midnight and 5:00 p.m., New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. time, on September September: see month. 13, 2006, respectively. The Company has received consents on behalf of approximately $585 million and tenders on behalf of approximately $416 million of the aggregate principal amount of the $1.081 billion of the Securities (together representing approximately 93% of the outstanding principal amount thereof). The following is a list of the outstanding Securities and the amount validly tendered for purchase at par under the Offer:
Outstanding
Principal Title of Amount
Amount Securities CUSIP Maturity Tendered
------------- ------------------ ----------- ----------- -------------
6.000% Benchmark
$400,000,000 Issues 693320-AE-3 03/01/2008 $220,721,000
7.125% Benchmark
$600,000,000 Issues 693320-AF-0 03/01/2013 $179,499,000
5.550% Non-
Callable
$840,000 Internotes 69334W-CK-5 01/15/2007 $94,000
6.700% Non-
Callable
$4,222,000 Internotes 69334W-AB-7 06/15/2007 $616,000
6.650% Non-
Callable
$4,098,000 Internotes 69334W-AF-8 06/15/2007 $657,000
6.500% Non-
Callable
$8,916,000 Internotes 69334W-AK-7 06/15/2007 $1,239,000
6.400% Non-
Callable
$971,000 Internotes 69334W-AP-6 07/15/2007 $97,000
6.450% Non-
Callable
$2,197,000 Internotes 69334W-AT-8 07/15/2007 $221,000
6.050% Non-
Callable
$3,528,000 Internotes 69334W-AX-9 08/15/2007 $863,000
5.900% Non-
Callable
$2,754,000 Internotes 69334W-BB-6 08/15/2007 $417,000
5.850% Non-
Callable
$1,770,000 Internotes 69334W-BF-7 09/15/2007 $539,000
5.600% Non-
Callable
$1,126,000 Internotes 69334W-BK-6 09/15/2007 $324,000
5.600% Non-
Callable
$2,724,000 Internotes 69334W-BP-5 09/15/2007 $577,000
5.500% Non-
Callable
$1,538,000 Internotes 69334W-BT-7 09/15/2007 $343,000
5.500% Non-
Callable
$1,558,000 Internotes 69334W-BX-8 10/15/2007 $173,000
6.000% Non-
Callable
$1,074,000 Internotes 69334W-CB-5 11/15/2007 $241,000
5.900% Non-
Callable
$700,000 Internotes 69334W-CF-6 11/15/2007 $70,000
6.000% Non-
Callable
$3,217,000 Internotes 69334W-CP-4 01/15/2008 $766,000
6.000% Non-
Callable
$4,688,000 Internotes 69334W-CT-6 01/15/2008 $883,000
6.000% Non-
Callable
$3,173,000 Internotes 69334W-CX-7 01/15/2008 $703,000
5.750% Non-
Callable
$2,637,000 Internotes 69334W-DB-4 03/15/2008 $541,000
5.500% Non-
Callable
$1,898,000 Internotes 69334W-DF-5 03/15/2008 $383,000
5.800% Non-
Callable
$2,648,000 Internotes 69334W-DK-4 03/15/2008 $311,000
5.950% Non-
Callable
$2,950,000 Internotes 69334W-DP-3 04/15/2008 $289,000
5.600% Non-
Callable
$2,853,000 Internotes 69334W-DU-2 04/15/2008 $435,000
6.700% Callable
$3,802,000 Internotes 69334W-DQ-1 04/15/2010 $960,000
6.450% Callable
$2,326,000 Internotes 69334W-DV-0 04/15/2010 $369,000
7.850% Callable
$6,098,000 Internotes 69334W-DR-9 04/15/2018 $1,716,000
7.650% Callable
$6,391,000 Internotes 69334W-DS-7 04/15/2018 $1,811,000
Payments for the tendered notes and consent fees are expected to settle today. As previously disclosed, Supplemental Indenture An agreement declaring the benefits and obligations of two or more parties, often applicable in the context of Bankruptcy and bond trading. The term indenture primarily describes secured contracts and has several applications in U.S. law. No. 4 to the Indenture governing gov·ern v. gov·erned, gov·ern·ing, gov·erns v.tr. 1. To make and administer the public policy and affairs of; exercise sovereign authority in. 2. the Securities was executed by the Company and the trustee on August 31, 2006. Supplemental Indenture No. 4 extends the deadline for the Company to deliver its financial statements to the trustee until December December: see month. 31, 2006, if necessary, and waives all defaults that have occurred prior to August 31, 2006 relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the Company's financial statement and other delivery requirements The stipulation that requires that an item of materiel must be delivered in the total quantity required by the date required. . About PHH Corporation Headquartered in Mount Laurel, New Jersey, PHH Corporation is a leading outsource provider of mortgage and vehicle fleet management services. Its subsidiary, PHH Mortgage, is one of the top ten retail originators of residential mortgages in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. .(1) Its subsidiary, PHH Arval Ar´val n. 1. A funeral feast. , is the second-largest fleet management services provider in the United States and Canada.(2) For additional information about the company and its subsidiaries please visit our website at www.phh.com. (1) Inside Mortgage Finance, Copyright 2006 (2) Automotive Fleet Fact Book, June 2006 Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. , and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are subject to known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. You should understand that these statements are not guarantees of performance or results and are preliminary in nature. Statements preceded by, followed by or that otherwise include the words "believes", "expects", "anticipates", "intends", "projects", "estimates", "plans", "may increase", "may fluctuate", "may result", "will result" and similar expressions or future or conditional verbs such as "will", "should", "would", "may" and "could" are generally forward-looking in nature and not historical facts. You should consider the areas of risk described under the heading "Forward-Looking Statements" in our periodic reports under the Securities Exchange Act of 1934, as amended, and those risk factors included as Exhibit 99 thereto there·to adv. 1. To that, this, or it. 2. Archaic In addition to that; furthermore. thereto Adverb Formal 1. to that or it 2. , titled "Risk Factors Affecting our Business and Future Results," in connection with any forward-looking statements that may be made by us and our businesses generally. Except for our ongoing obligations to disclose material information under the federal securities laws, we undertake no obligation to release publicly any updates or revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events unless required by law. |
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