Davis Polk & Wardwell LLP advised Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated, RBS Securities Inc. and Wells Fargo Securities, LLC as joint book-running managers on an SEC-registered offering by PHH Corporation of $100 million aggregate principal amount of its 91/4% senior notes due 2016. The offering reopens PHH Corporation’s initial issue of $350 million principal amount of such notes in a Rule 144A/Regulation S offering on August 11, 2010.

PHH Corporation 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 tax team included partner Michael Farber and associates Jason A. Chlipala and Lauren M. Murphey. Counsel Loyti Cheng and associate Amy E. Turner provided environmental advice. All members of the Davis Polk team are based in the New York office.