PHH completes $300 million amended and restated credit facility

By Sara Rosenberg

New York, Aug. 8 - PHH Corp. closed on a $300 million amended and restated revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission on Wednesday.

The revolver consists of a $250 million three-year tranche A and a $50 million tranche B due July 1, 2014 that can only be used if the tranche A is fully drawn.

Pricing on the tranche A is initially Libor plus 375 basis points with a 50 bps facility fee, and pricing on the tranche B is initially Libor plus 400 bps with a 75 bps facility fee.

Covenants include a consolidated net worth of $1 billion and a ratio of debt to tangible net worth of 6.0 to 1 to Oct. 1, 2013 and 5.75 to 1 thereafter.

The amendment and restatement was completed on Aug. 2.

J.P. Morgan Securities LLC, Bank of America Merrill Lynch, Citigroup Global Markets Inc., Manufacturers and Traders Trust Co., RBS Securities Inc. and Wells Fargo Securities LLC acted as the joint lead arrangers and bookrunners on the deal.

PHH is a Mt. Laurel, N.J.-based business process management services company for the mortgage and fleet management industries.

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