Pennant Capital-led investors buy PHH shares, lifting stake to 9.97%

By Angela McDaniels

Tacoma, Wash., July 13 - PHH Corp. shareholders led by Pennant Capital Management, LLC purchased a net 204,599 shares of the company's stock through a series of buy and sell transactions that occurred on May 1 and July 1.

The shares were priced from $16.77 to $18.18 each, according to a schedule 13D/A filed with the Securities and Exchange Commission.

The reporting persons beneficially own 5,407,141 shares, or 9.97%, of the company's stock.

In addition, Pennant Capital Management transferred all of the cash-settled swap agreements involving PHH stock to which its investment funds were a party to Pennant Windward Master Fund, LP on July 1. The swaps give Pennant Windward long exposure to 882,230 notional shares of PHH common stock.

As previously reported, Pennant Capital Management won two seats on the company's board of directors at the annual meeting on June 12.

PHH is an outsource provider of mortgage and vehicle fleet management services based in Mt. Laurel, N.J.

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