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Article: PHH Corporation Announces the Closing of $850 Million of TALF-Eligible Asset Backed Notes Issued by Chesapeake Funding LLC.
- Article from:
- Economics Week
- Article date:
- October 2, 2009
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PHH Corporation (NYSE:PHH) ("PHH" or the "Company") announced the successful closing by its indirect wholly-owned subsidiary, Chesapeake Funding LLC ("Chesapeake"), of the issuance and sale of $850 million in aggregate principal amount of its Series 2009-2 Floating Rate Asset Backed Notes, Class A (the "Notes"). The 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.
A portion of the net proceeds from the issuance and sale of the Notes ...
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