PHH extended unsecured revolver priced at Libor plus 350 basis points

By Sara Rosenberg

New York, July 1 - PHH Corp.'s extended unsecured revolving credit facility is priced at Libor plus 350 basis points, according to an 8-K filed with the Securities and Exchange Commission on Thursday.

The extended revolver matures on Feb. 29, 2012, as opposed to on Jan. 6, 2011. There is an additional one-year extension option, which, if used, will result in a 25 bps increase in pricing.

In connection with the amendment and extension, the revolver was reduced to $805 million with a further reduction to $525 million on Jan. 6, 2011.

The amendment was completed on June 25.

JPMorgan is the administrative agent on the deal.

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

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