PHH to repay some revolver debt with convertible notes proceeds

By Sara Rosenberg

New York, Sept. 23 - PHH Corp. plans to reduce borrowings under its revolving credit facility using proceeds from a $200 million convertible senior notes offering, according to a news release.

Remaining proceeds will be used to pay the cost of convertible note hedge transactions.

PHH is a Mount Laurel, N.J.-based outsource provider of mortgage and vehicle fleet management services.

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