The tender offer for notes with CUSIP 693320AL7 includes a $1,150 consideration per $1,000 principal amount of notes validly tendered and accepted for purchase.
Pending any change to the consent solicitation, consents to the tender offer properly delivered on or prior to 5 p.m. Eastern on Aug. 19 will be eligible to receive both the aforementioned consideration and an early tender premium equal to $30 per $1,000 principal amount of tendered notes.
Holders can withdraw their tenders and revoke their consents at any time before that date and time.
The tender offer will expire at 11:59 p.m. Eastern on Sept. 3.
If consents exceed the maximum, the company will buy a pro rata share of the holders’ tendered notes in line with the difference, with all holders treated equally regardless of when they tendered.
“The company's acceptance of and payment for notes tendered is not conditioned upon the required consents having been received (and not validly revoked),” according to PHH. “The company intends to accept for purchase 66.67% of the notes tendered on or prior to the consent expiration date.”
PHH also said its acceptance and payment of notes “is not conditioned on any minimum level of participation.”
Acting as dealer managers for the tender offer and solicitation agents are Citigroup Global Markets Inc., Barclays Capital Inc. and BofA Merrill Lynch. Global Bondholder Services Corp. is the tender agent and information agent.
