- PHH's fleet management services business was sold to Element Financial for $1.4B in cash, and the deal is expected to generate $821M in net proceeds.
- The board authorizes up to $450M in share repurchases, including a $200M accelerated program which will commence after the release of Q2 earnings.
- That still leaves some money, and the company in Q3 intends to redeem all of its outstanding ($170M) 9.25% senior notes due in two years.
- PHH also intends to invest up to $150M in growth initiatives across its remaining mortgage production and servicing units.
- Source: Press Release