PHH to sell $150 million 5.5-year convertibles at 5.5%-6%, up 25%-30%

By Rebecca Melvin

New York, Jan. 10 - PHH Corp. planned to price $150 million of 5.5-year convertible notes after the markets closed Tuesday that were talked to yield a coupon of 5.5% to 6% with an initial conversion premium of 25% to 30%, according to a market source.

There is an over-allotment option to purchase up to $22.5 million additional notes.

J.P. Morgan Securities LLC and Bank of America Merrill Lynch are the joint bookrunners of the registered offering.

The notes will be non-callable. They will have takeover protection.

Proceeds will be used to repay debt.

Mt. Laurel, N.J.-based PHH is a mortgage lending and mortgage services company.

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