MT. LAUREL, NJ – PHH Corp. announced that lenders agreed to new terms on its debt, reducing the capacity of a series of notes from $3.9 billion to $3.5 billion. The notes comprising the Chesapeake program are publicly rated Aa2 by Moody's.

The agreement with Chesapeake Funding L.L.C. "will provide us with greater overall flexibility in financing the purchase of vehicles in connection with our fleet management services segment," the company said in a statement.

Shares were up 47 cents to $8.53 in morning trading.  

Originally posted on Automotive Fleet