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Stock Market & Financial Investment News

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August 8, 2014
09:52 EDTPHHPHH Corp. entereed into two separate accelerated share repurchase agreements
PHH Corporation entered into two separate accelerated share repurchase agreements to repurchase an aggregate of $200M of PHH’s common stock consisting of a collared accelerated share repurchase agreement with JPMorgan Chase Bank to repurchase $100M of the company’s common stock, and (an a uncollared accelerated share repurchase agreement with JPMorgan to repurchase $100M of PHH’s common stock. The ASR Agreements are part of PHH’s previously announced share repurchase programs. Under the terms of the ASR Agreements, PHH will make aggregate payments of $200M to JPMorgan on August 8 and on the initial share delivery date will receive from JP Morgan an initial delivery of approximately 80% of PHH’s common stock that is subject to the transaction based upon the stock price at the close of business on August 7, in respect of the Uncollared ASR Agreement and a minimum number of PHH’s common stock in respect of the Collared ASR Agreement.
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