PHH Corporation Announces $300 Million Increase in Committed Financing Arrangements for its Fleet Management Business
PHH Corporation (NYSE: PHH) today announced the closing by its indirect wholly-owned subsidiary, Chesapeake Funding LLC, of a $300 million aggregate upsizing in the committed funding capacity available under its Chesapeake Variable Funding Notes facilities.
This upsizing increases the total committed capacity under the conduit facilities to $1.5 billion and increases the total committed financing arrangements at the Company's Fleet segment to $3.6 billion.
The upsized conduit facilities provide committed funding capacity for the acquisition of vehicles to be leased to customers of PHH Vehicle Management Services, LLC (“PHH Arval”), the Company's fleet management business. As of December 29, 2011, there was $409 million of aggregate available capacity under the conduit facilities to provide funding for our domestic vehicle financing needs.
The variable funding notes issued under the conduit facilities are rated Aa1 by Moody's Investor Services.
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