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Article: PHH Discloses Closing of $1.0 Billion of TALF-Eligible Asset Backed Notes.
- Article from:
- Health & Beauty Close-Up
- Article date:
- June 11, 2009
CopyrightCOPYRIGHT 2009 Close-Up Media, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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PHH Corp. announced the successful closing by its indirect subsidiary, Chesapeake Funding, of the issuance and sale of $1.0 billion in aggregate principal amount of its Series 2009-1 Floating Rate Asset Backed Notes ("Series 2009-1 Notes").
The Series 2009-1 Notes were rated AAA/Aaa by Standard & Poor's Rating Services and Moody's Investor Services respectively and qualified as "eligible collateral" under and as defined in the Term Asset-Backed Securities Loan Facility, or "TALF," established by the Federal Reserve Bank of New York.
In a release, the company noted that the net proceeds from the issuance and sale of the notes will be used to repay a ...