PHH amends U.S. and Canadian revolvers to permit $20 million paydown

By Marisa Wong

Madison, Wis., Dec. 17 - PHH Corp. entered into on Dec. 11 a second amendment to its amended and restated credit agreement dated Aug. 2, 2012 with Bank of America, NA, Citibank, NA, Manufacturers and Traders Trust Co., Royal Bank of Scotland plc and Wells Fargo Bank, NA as syndication agents, Barclays Bank plc as documentation agent and JPMorgan Chase Bank, NA as administrative agent.

According to an 8-K filing with the Securities and Exchange Commission, the terms and conditions of the revolver were amended to provide the company with additional flexibility to incur and repay up to $20 million of additional indebtedness under other revolving credit facilities.

On Dec. 12 the company entered into a second amendment to its credit agreement dated Sept. 25, 2012 with Bank of Nova Scotia as administrative agent.

The Canadian facility was also amended to give the company more flexibility to incur and repay up to $20 million of additional indebtedness under other revolving credit facilities.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.