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Pennant Capital owns more than 5.4 million shares of PHH
By Lisa Kerner
Charlotte, N.C., Sept. 17 - PHH Corp. investors led by Pennant Capital Management LLC reported the purchase of 11,200 shares on Sept. 21 for $15.66 per share.
Pennant also reported cash-settled swap agreements with Morgan Stanley Capital Services, Inc. for an additional 650,000 shares between Aug. 29 and Sept. 16. Reference price for the shares ranged from $13.77 to $15.95, and termination dates ranged from Sept. 2, 2010 to Sept. 15, 2010.
The investors beneficially own 5,407,141 shares, or 9.97%, of the Mount Laurel, N.J.-based company.
PHH is an outsource provider of mortgage and vehicle fleet management services.
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