-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, HRXB4FNaZDauDGGJqLr9vBLiRh2OfooPyKb+hu+OdoxCLKSHGB3Vt+pMP8zG1amJ By9TP9Q304qfgKfkiRD6bw== 0000902664-07-002413.txt : 20070803 0000902664-07-002413.hdr.sgml : 20070803 20070803160311 ACCESSION NUMBER: 0000902664-07-002413 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20070803 DATE AS OF CHANGE: 20070803 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: PHH CORP CENTRAL INDEX KEY: 0000077776 STANDARD INDUSTRIAL CLASSIFICATION: MISCELLANEOUS BUSINESS CREDIT INSTITUTION [6159] IRS NUMBER: 520551284 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-13543 FILM NUMBER: 071024143 BUSINESS ADDRESS: STREET 1: 3000 LEADENHALL ROAD CITY: MT. LAUREL STATE: NJ ZIP: 08054 BUSINESS PHONE: 856-917-1744 MAIL ADDRESS: STREET 1: 3000 LEADENHALL ROAD CITY: MT. LAUREL STATE: NJ ZIP: 08054 FORMER COMPANY: FORMER CONFORMED NAME: PHH GROUP INC DATE OF NAME CHANGE: 19880913 FORMER COMPANY: FORMER CONFORMED NAME: PETERSON HOWELL & HEATHER INC DATE OF NAME CHANGE: 19790121 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: PENNANT CAPITAL MANAGEMENT LLC CENTRAL INDEX KEY: 0001168664 IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 40 MAIN ST CITY: CHATHAM STATE: NY ZIP: 07928 BUSINESS PHONE: 9737011100 MAIL ADDRESS: STREET 1: 40 MAIN ST CITY: CHATHAM STATE: NY ZIP: 07928 FORMER COMPANY: FORMER CONFORMED NAME: PENNANT CAPITAL MANAGEMENT INC DATE OF NAME CHANGE: 20020307 SC 13D/A 1 sc13da.txt PHH CORP. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ------------- SCHEDULE 13D/A (Rule 13d-101) INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(a) Under the Securities Exchange Act of 1934 (Amendment No. 3) PHH Corp. ------------------------------------------------------------------------------- (Name of Issuer) Common Stock ------------------------------------------------------------------------------- (Title of Class of Securities) 693320202 ------------------------------------------------------------------------------- (CUSIP Number) Alan Fournier c/o Pennant Capital Management LLC 26 Main Street, Suite 203 Chatham, NJ 07928 ------------------------------------------------------------------------------- (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) August 1, 2007 ------------------ (Date of Event which Requires Filing of this Statement) If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box [ ]. Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties to whom copies are to be sent. (Continued on following pages) (Page 1 of 6 Pages) - -------------------- * The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). - ---------------------------- ---------------------------- CUSIP No. 693320202 SCHEDULE 13D Page 2 of 6 Pages - ---------------------------- ---------------------------- - ------------- ----------------------------------------------------------------- 1 NAME OF REPORTING PERSON Pennant Capital Management, LLC - ------------- ----------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_| (b) |X| - ------------- ----------------------------------------------------------------- 3 SEC USE ONLY - ------------- ----------------------------------------------------------------- 4 SOURCE OF FUNDS AF - ------------- ----------------------------------------------------------------- 5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) |_| - ------------- ----------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - ------------- ----------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES 0 ----------- ----------------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER OWNED 4,758,000 ----------- ----------------------------------------------------- BY EACH 9 SOLE DISPOSITIVE POWER REPORTING 0 ----------- ----------------------------------------------------- PERSON 10 SHARED DISPOSITIVE POWER WITH 4,758,000 - ------------- ----------- ----------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 4,758,000 - ------------- ----------------------------------------------------------------- 12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES |_| - ------------- ----------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 8.9% - ------------- ----------------------------------------------------------------- 14 TYPE OF REPORTING PERSON OO - ------------- ----------------------------------------------------------------- - ---------------------------- ---------------------------- CUSIP No. 693320202 SCHEDULE 13D Page 3 of 6 Pages - ---------------------------- ---------------------------- - ------------- ----------------------------------------------------------------- 1 NAME OF REPORTING PERSON Alan Fournier c/o Pennant Capital Management, LLC - ------------- ----------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_| (b) |X| - ------------- ----------------------------------------------------------------- 3 SEC USE ONLY - ------------- ----------------------------------------------------------------- 4 SOURCE OF FUNDS AF - ------------- ----------------------------------------------------------------- 5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) |_| - ------------- ----------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION United States - ------------- ----------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES 0 ----------- ----------------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER OWNED 4,758,000 ----------- ----------------------------------------------------- BY EACH 9 SOLE DISPOSITIVE POWER REPORTING 0 ----------- ----------------------------------------------------- PERSON 10 SHARED DISPOSITIVE POWER WITH 4,758,000 - ------------- ----------- ----------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 4,758,000 - ------------- ----------------------------------------------------------------- 12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES |_| - ------------- ----------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 8.9% - ------------- ----------------------------------------------------------------- 14 TYPE OF REPORTING PERSON IN - ------------- ----------------------------------------------------------------- - ---------------------------- ---------------------------- CUSIP No. 693320202 SCHEDULE 13D Page 4 of 6 Pages - ---------------------------- ---------------------------- The Schedule 13D filed on March 22, 2007 by Pennant Capital Management, LLC, a Delaware limited liability company ("Pennant Capital") and Alan Fournier, a United States citizen ("Fournier") (collectively, the "Reporting Persons") with respect to the shares of Common Stock, par value $0.01 per share (the "Common Stock"), of PHH Corp., a Maryland corporation (the "Issuer"), as amended by Amendment Nos. 1 and 2 to the Schedule 13D, is hereby amended as set forth herein by this Amendment No. 3 to the Schedule 13D. Item 2. IDENTITY AND BACKGROUND Paragraph (b) of Item 2 of the Schedule 13D is hereby amended and restated as follows: (b) The principal business address for Pennant Capital is 26 Main Street, Suite 203, Chatham, New Jersey 07928. The principal business address for Alan Fournier is c/o Pennant Capital Management, LLC, 26 Main Street, Suite 203, Chatham, New Jersey 07928. ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION Item 3 of the Schedule 13D is hereby amended and restated as follows: Funds for the purchase of the shares of Common Stock reported herein to be held by Offshore, Onshore, Qualified, Spinnaker, Windward LP and Windward Ltd. were derived from their respective general working capital and margin account borrowings made in the ordinary course of business. A total of approximately $137.1 million was paid to acquire the shares of Common Stock reported herein. ITEM 5. INTEREST IN SECURITIES OF THE ISSUER Paragraphs (a), (b) and (c) of Item 5 of the Schedule 13D are hereby amended and restated as follows: (a-b) Pennant Capital is the manager of each of Offshore, Onshore, Qualified, Spinnaker, Windward LP and Windward Ltd., and consequently has voting control and investment discretion over the securities held by each of Offshore, Onshore, Qualified, Spinnaker, Windward LP and Windward Ltd. As of the date hereof, the Funds collectively hold 8.9% of the outstanding shares of Common Stock of the Issuer. Alan Fournier is the managing member of, and thereby controls, Pennant Capital. The foregoing should not be construed in and of itself as an admission by any Reporting Person as to beneficial ownership of shares of Common Stock owned by another Reporting Person. In addition, each of Pennant Capital and Alan Fournier disclaims beneficial ownership of shares of Common Stock owned respectively by Offshore, Onshore, Qualified, Spinnaker, Windward LP and Windward Ltd. The percentages used herein are based upon the 53,506,822 shares of Common Stock reported to be outstanding as of June 15, 2007 by the Issuer in its Quarterly Report on Form 10-Q for the period ended March 31, 2007, filed with the Securities and Exchange Commission on June 27, 2007. {c) Information concerning transactions in the shares of Common Stock effected by the Reporting Persons since the filing of the Schedule 13D on June 20, 2007 is set forth in Appendix I hereto. - ---------------------------- ---------------------------- CUSIP No. 693320202 SCHEDULE 13D Page 5 of 6 Pages - ---------------------------- ---------------------------- ITEM 7. MATERIAL TO BE FILED AS EXHIBITS Item 7 of the Schedule 13D is hereby amended and restated as follows: The following documents are filed as appendices and exhibits: Appendix I: Transactions Effected Since June 20, 2007 Appendix II: Joint Filing Agreement (previously filed) Exhibit A: Letter to the Board of Directors of PHH Corp dated April 30, 2007 (previously filed) Exhibit B: Letter to the Board of Directors of PHH Corp dated June 20, 2007 (previously filed) - ---------------------------- ---------------------------- CUSIP No. 693320202 SCHEDULE 13D Page 6 of 6 Pages - ---------------------------- ---------------------------- Signature After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Dated: August 3, 2007 PENNANT CAPITAL MANAGEMENT LLC By: /s/ Alan Fournier --------------------- Alan Fournier, Managing Member /s/ Alan Fournier --------------------- Alan Fournier APPENDIX I TRANSACTIONS EFFECTED SINCE June 20, 2007 (All transactions were regular market transactions effected on The NYSE) - ------------- --------------- ---------- ----------- Date of Person Amount of Price per transaction effecting securities share transaction Bought/ or unit (Sold) - ------------- --------------- ---------- ----------- 7/25/07 Offshore 26,940 29.84 7/25/07 Onshore 7,350 29.84 7/25/07 Qualified 16,520 29.84 7/25/07 Spinnaker 9,770 29.84 7/25/07 Windward LP 31,220 29.84 7/25/07 Windward Ltd. 48,200 29.84 7/26/07 Offshore 9,620 29.11 7/26/07 Onshore 2,620 29.11 7/26/07 Qualified 5,900 29.11 7/26/07 Spinnaker 3,490 29.11 7/26/07 Windward LP 11,150 29.11 7/26/07 Windward Ltd. 17,220 29.11 7/27/07 Offshore 4,810 29.19 7/27/07 Onshore 1,310 29.19 7/27/07 Qualified 2,950 29.19 7/27/07 Spinnaker 1,750 29.19 7/27/07 Windward LP 5,580 29.19 7/27/07 Windward Ltd. 8,600 29.19 7/27/07 Offshore 4,810 29.09 7/27/07 Onshore 1,310 29.09 7/27/07 Qualified 2,950 29.09 7/27/07 Spinnaker 1,750 29.09 7/27/07 Windward LP 5,580 29.09 7/27/07 Windward Ltd. 8,600 29.09 7/30/07 Offshore 3,850 29.71 7/30/07 Onshore 1,050 29.71 7/30/07 Qualified 2,360 29.71 7/30/07 Spinnaker 1,400 29.71 7/30/07 Windward LP 4,460 29.71 7/30/07 Windward Ltd. 6,880 29.71 7/31/07 Offshore 4,810 29.14 7/31/07 Onshore 1,310 29.14 7/31/07 Qualified 2,950 29.14 7/31/07 Spinnaker 1,750 29.14 7/31/07 Windward LP 5,580 29.14 7/31/07 Windward Ltd. 8,600 29.14 8/1/07 Offshore 58,620 27.56 8/1/07 Onshore 15,960 27.56 8/1/07 Qualified 35,880 27.56 8/1/07 Spinnaker 15,060 27.56 8/1/07 Windward LP 68,520 27.56 8/1/07 Windward Ltd. 105,960 27.56 8/1/07 Offshore 630 28.73 8/1/07 Onshore 170 28.73 8/1/07 Qualified 380 28.73 8/1/07 Spinnaker 160 28.73 8/1/07 Windward LP 730 28.73 8/1/07 Windward Ltd. 1,130 28.73 -----END PRIVACY-ENHANCED MESSAGE-----