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PHH Corporation Message Board

  • legalbark legalbark Jan 10, 2012 11:53 AM Flag

    Another Irrational Selloff

    I'm not sure who the players are, but if I didn't already have a "full" position in PHH I would have been buying this morning in the high 9's. The company is doing what it has to do. Rollover the debt coming due in 2012 and roll it out to 2017. We still don't know all the terms but I find it hard to believe they'll pay more for this new debt than they were paying for the debt being paid off. This is a plus in my playbook. Anyway, the people who wanted to sell have sold and I'm hanging on till we get back to $20. GLTA

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    • Those who had the opportunity to buy in the high $9's on the recent irrational selloff are sitting pretty. The company had no problem in placing $220 million of new convertible debt to repay the convertible debt due this year. It shows the company has access to the capital markets even though it had to pay a little more interest. In the long run this is immaterial since the interest is deductible and should not have a material affect on the reported earnings. JMHO

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