PHH Corporation Announces $300 Million Increase in Committed Financing Arrangements for its Fleet Management Business

29 Dec 2011

PHH Corporation, a leading provider of business process management services for the mortgage and fleet industries, announced the closing by its indirect wholly-owned subsidiary, Chesapeake, of a $300 million aggregate upsizing in the committed funding capacity available under its Chesapeake Variable Funding Notes facilities.

"PHH Arval continues to solidify its position as a leading provider of financing solutions for the commercial fleet industry. We are committed to providing a lease product to our fleet management clients that is consistent with our outstanding client service and award winning technology and innovation", commented George Kilroy, PHH Arval Chief Executive Officer, on the increase in funding capacity.

This move increases the total committed capacity under the conduit facilities to $1.5 billion and the total committed financing arrangements at the Company's Fleet segment to $3.6 billion. The upsized conduit facilities provide committed funding capacity for the acquisition of vehicles to be leased to customers of PHH Vehicle Management Services, the Company's fleet management business. The variable funding notes issued under the conduit facilities are rated Aa1 by Moody's Investor Services.