Pennant Capital reports 9.97% stake in PHH

By Jennifer Chiou

New York, Oct. 9 - PHH Corp. investors led by Pennant Capital Management LLC reported a 9.97% stake in the company.

Pennant reported cash-settled swap agreements with Morgan Stanley Capital Services, Inc. for an additional 650,000 shares between Aug. 29 and Oct. 8. Reference price for the shares ranged from $8.25 to $15.95, and termination dates ranged from Sept. 2, 2010 to Oct. 13, 2010.

The investor previously announced the purchase of 11,200 shares on Sept. 21 for $15.66 per share.

The investors beneficially own 5,407,141 shares of the Mount Laurel, N.J.-based company.

PHH is an outsource provider of mortgage and vehicle fleet management services.

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