PHH Corp. completes sale of PHH Arval; sets buyback

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.

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