PHH to redeem $78.48 million of its 7 1/8% notes due 2013 on Sept. 24

By Tali David

Minneapolis, Aug. 24 - PHH Corp. called $78,479,000 of its 7 1/8% notes due March 1, 2013, according to a redemption notice.

The bonds will be redeemed on Sept. 24 in connection with a recently completed tender offer.

The redemption price will be the greater of the sum of the present values of the remaining scheduled payments discounted at the Treasury rate plus 50 basis points and par. PHH will also pay accrued interest to the redemption date.

The Bank of New York Mellon Trust Co., NA is the trustee.

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

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