Davis Polk advised J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated as joint book-running managers in connection with the public offering of $250 million aggregate principal amount of 6% convertible senior notes due 2017 issued by PHH Corporation. The offering included $30 million aggregate principal amount of notes purchased by the underwriters upon full exercise of the over-allotment option granted by PHH.

PHH is a leading outsource provider of mortgage production, mortgage servicing and fleet management services. 

The Davis Polk corporate team included partner Alan Dean and associates Peter E. Devlin and Marcus Hintze (not yet admitted). The product structuring team included partner Ray Ibrahim and associates Marcel Fausten, Jessy Li and Mark J. DiFiore (not yet admitted). Partner Po Sit and associate Nicole P. Field provided tax advice. Joshua Sills was the legal assistant on the transaction. All members of the Davis Polk team are based in the New York office.