PHH Renews Leasing ABS Conduit With Chesapeake Funding
PHH announced the renewal of an important financing initiative designed to bolster the funding capabilities of PHH Arval: $1.5 billion of U.S. fleet lease conduit financing through Chesapeake Funding.
PHH said Chesapeake Funding’s amended Series 2010-1 ($875M) and Series 2011-1 ($675M) floating rate asset-backed variable funding notes provide PHH Arval with committed funding to finance U.S. Fleet vehicle leases. Thus, PHH Arval is well-positioned to support current and prospective U.S. Fleet vehicle funding needs.
Capital markets continue to validate Chesapeake Funding’s assets that support the asset-backed securities (ABS) as attractive investments. As of June 27, 2012, there was $566M of available financing capacity under Chesapeake Funding’s Series 2010-1 and 2011-1 notes.