PHH Corporation (NYSE:PHH) ("PHH" or the "Company") announced today that it has received payment of the $50 million reverse termination fee from Blackstone Capital Partners V L.P. ("Blackstone"), the private equity fund affiliated with the Blackstone Group L.P., in connection with the previously announced termination of (i) the merger agreement between PHH and General Electric Capital Corporation ("GECC") and (ii) the agreement pursuant to which Blackstone was to acquire PHH's mortgage banking business from GECC. Blackstone paid this amount in accordance with its contractual obligations to PHH. The Company has agreed to pay up to $4.5 million in payment of the fees of third-party consultants retained by Blackstone in connection with the contemplated transactions and will be receiving the work product that those consultants provided to Blackstone.
INFO SOURCES
PHH Corporation (NYSE:PHH)
FIRMS
Headquartered in Mount Laurel, New Jersey, PHH Corporation is a leading outsource provider of mortgage and vehicle fleet management services. Its subsidiary, PHH Mortgage, is one of the top ten retail originators of residential mortgages in the United States(1), and its subsidiary, PHH Arval, is a leading fleet management services provider in the United States and Canada
PEOPLE
Mr. Chinh Chu, Senior Managing Director of Blackstone
Mr. A.B. Krongard, non-executive Chairman of the Board of the Company
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