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PHH plans new credit facility to back buyout by GE Capital Solutions
By Sara Rosenberg
New York, March 15 - PHH Corp. is planning on getting a new credit facility to help fund its buyout by GE Capital Solutions, according to a market source.
JPMorgan and Lehman Brothers are rumored to be the lead banks on the deal, with JPMorgan the left lead.
GE is buying the company in an all-cash transaction valued at $1.8 billion. PHH stockholders will receive $31.50 per share in cash.
In conjunction with this transaction, GE has entered into an agreement to sell the mortgage operations of PHH to an affiliate of The Blackstone Group.
The transaction is subject to approval by PHH stockholders, antitrust, state licensing and other regulatory approvals, as well as various other closing conditions.
PHH is a Mount Laurel, N.J., outsource provider of mortgage and vehicle fleet management services.
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