MT. LAUREL —PHH Corp. has announced the closing by its indirect wholly-owned subsidiary, Chesapeake Funding LLC, of a $300 million aggregate upsizing in the committed funding capacity available under its Chesapeake Variable Funding Notes facilities.
This upsizing increases the total committed capacity under the conduit facilities to $1.5 billion and increases the total committed financing arrangements at the company’s fleet segment to $3.6 billion.
The upsized conduit facilities provide committed funding capacity for the acquisition of vehicles to be leased to customers of PHH Vehicle Management Services LLC, the company’s fleet management business. As of December 29, 2011, there was $409 million of aggregate available capacity under the conduit facilities to provide funding for our domestic vehicle financing needs.
The variable funding notes issued under the conduit facilities are rated Aa1 by Moody’s Investor Services.
Commenting on the increase in funding capacity, George Kilroy, PHH Arval chief executive officer, said, “PHH Arval continues to solidify its position as a leading provider of financing solutions for the commercial fleet industry. We are committed to providing a lease product to our fleet management clients that is consistent with our client service.”