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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. ___________)*
PHH Corporation
--------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, par value $0.01 per share
--------------------------------------------------------------------------------
(Title of Class of Securities)
693320202
--------------------------------------------------------------------------------
(CUSIP Number)
April 29, 2005
--------------------------------------------------------------------------------
(Date of Event which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
|_| Rule 13d-1(b)
|X| Rule 13d-1(c)
|_| Rule 13d-1(d)
* 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 the
disclosures provided in a prior cover page.
The information required in 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).
(Continued on following pages)
Page 1 of 27 Pages
Exhibit Index Found on Page 26
13G
===================
CUSIP No. 693320202
===================
------------====================================================================
NAMES OF REPORTING PERSONS
1 I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Farallon Capital Partners, L.P.
------------====================================================================
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) [ ]
(b) [ X ]**
2
** The reporting persons making this filing hold an
aggregate of 2,763,700 Shares, which is 5.2% of the
class of securities. The reporting person on this
cover page, however, may be deemed a beneficial owner
only of the securities reported by it on this cover
page.
------------====================================================================
3 SEC USE ONLY
------------====================================================================
CITIZENSHIP OR PLACE OF ORGANIZATION
4
California
------------====================================================================
SOLE VOTING POWER
5
NUMBER OF -0-
------------===========================================
SHARES SHARED VOTING POWER
BENEFICIALLY 6
OWNED BY 727,900
------------===========================================
EACH SOLE DISPOSITIVE POWER
7
REPORTING -0-
PERSON WITH ------------===========================================
SHARED DISPOSITIVE POWER
8
727,900
------------====================================================================
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
727,900
------------====================================================================
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10 CERTAIN SHARES (See Instructions)
[ ]
------------====================================================================
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
1.4%
------------====================================================================
TYPE OF REPORTING PERSON (See Instructions)
12
PN
------------====================================================================
Page 2 of 27 Pages
13G
===================
CUSIP No. 693320202
===================
------------====================================================================
NAMES OF REPORTING PERSONS
1 I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Farallon Capital Institutional Partners, L.P.
------------====================================================================
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) [ ]
(b) [ X ]**
2
** The reporting persons making this filing hold an
aggregate of 2,763,700 Shares, which is 5.2% of the
class of securities. The reporting person on this
cover page, however, may be deemed a beneficial owner
only of the securities reported by it on this cover
page.
------------====================================================================
3 SEC USE ONLY
------------====================================================================
CITIZENSHIP OR PLACE OF ORGANIZATION
4
California
------------====================================================================
SOLE VOTING POWER
5
NUMBER OF -0-
------------===========================================
SHARES SHARED VOTING POWER
BENEFICIALLY 6
OWNED BY 526,200
------------===========================================
EACH SOLE DISPOSITIVE POWER
7
REPORTING -0-
PERSON WITH ------------===========================================
SHARED DISPOSITIVE POWER
8
526,200
------------====================================================================
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
526,200
------------====================================================================
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10 CERTAIN SHARES (See Instructions)
[ ]
------------====================================================================
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
1.0%
------------====================================================================
TYPE OF REPORTING PERSON (See Instructions)
12
PN
------------====================================================================
Page 3 of 27 Pages
13G
===================
CUSIP No. 693320202
===================
------------====================================================================
NAMES OF REPORTING PERSONS
1 I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Farallon Capital Institutional Partners II, L.P.
------------====================================================================
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) [ ]
(b) [ X ]**
2
** The reporting persons making this filing hold an
aggregate of 2,763,700 Shares, which is 5.2% of the
class of securities. The reporting person on this
cover page, however, may be deemed a beneficial owner
only of the securities reported by it on this cover
page.
------------====================================================================
3 SEC USE ONLY
------------====================================================================
CITIZENSHIP OR PLACE OF ORGANIZATION
4
California
------------====================================================================
SOLE VOTING POWER
5
NUMBER OF -0-
------------===========================================
SHARES SHARED VOTING POWER
BENEFICIALLY 6
OWNED BY 40,100
------------===========================================
EACH SOLE DISPOSITIVE POWER
7
REPORTING -0-
PERSON WITH ------------===========================================
SHARED DISPOSITIVE POWER
8
40,100
------------====================================================================
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
40,100
------------====================================================================
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10 CERTAIN SHARES (See Instructions)
[ ]
------------====================================================================
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
0.1%
------------====================================================================
TYPE OF REPORTING PERSON (See Instructions)
12
PN
------------====================================================================
Page 4 of 27 Pages
13G
===================
CUSIP No. 693320202
===================
------------====================================================================
NAMES OF REPORTING PERSONS
1 I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Farallon Capital Institutional Partners III, L.P.
------------====================================================================
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) [ ]
(b) [ X ]**
2
** The reporting persons making this filing hold an
aggregate of 2,763,700 Shares, which is 5.2% of the
class of securities. The reporting person on this
cover page, however, may be deemed a beneficial owner
only of the securities reported by it on this cover
page.
------------====================================================================
3 SEC USE ONLY
------------====================================================================
CITIZENSHIP OR PLACE OF ORGANIZATION
4
Delaware
------------====================================================================
SOLE VOTING POWER
5
NUMBER OF -0-
------------===========================================
SHARES SHARED VOTING POWER
BENEFICIALLY 6
OWNED BY 50,300
------------===========================================
EACH SOLE DISPOSITIVE POWER
7
REPORTING -0-
PERSON WITH ------------===========================================
SHARED DISPOSITIVE POWER
8
50,300
------------====================================================================
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
50,300
------------====================================================================
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10 CERTAIN SHARES (See Instructions)
[ ]
------------====================================================================
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
0.1%
------------====================================================================
TYPE OF REPORTING PERSON (See Instructions)
12
PN
------------====================================================================
Page 5 of 27 Pages
13G
===================
CUSIP No. 693320202
===================
------------====================================================================
NAMES OF REPORTING PERSONS
1 I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Tinicum Partners, L.P.
------------====================================================================
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) [ ]
(b) [ X ]**
2
** The reporting persons making this filing hold an
aggregate of 2,763,700 Shares, which is 5.2% of the
class of securities. The reporting person on this
cover page, however, may be deemed a beneficial owner
only of the securities reported by it on this cover
page.
------------====================================================================
3 SEC USE ONLY
------------====================================================================
CITIZENSHIP OR PLACE OF ORGANIZATION
4
New York
------------====================================================================
SOLE VOTING POWER
5
NUMBER OF -0-
------------===========================================
SHARES SHARED VOTING POWER
BENEFICIALLY 6
OWNED BY 11,700
------------===========================================
EACH SOLE DISPOSITIVE POWER
7
REPORTING -0-
PERSON WITH ------------===========================================
SHARED DISPOSITIVE POWER
8
11,700
------------====================================================================
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
11,700
------------====================================================================
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10 CERTAIN SHARES (See Instructions)
[ ]
------------====================================================================
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
0.0%
------------====================================================================
TYPE OF REPORTING PERSON (See Instructions)
12
PN
------------====================================================================
Page 6 of 27 Pages
13G
===================
CUSIP No. 693320202
===================
------------====================================================================
NAMES OF REPORTING PERSONS
1 I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Farallon Capital Management, L.L.C.
------------====================================================================
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) [ ]
(b) [ X ]**
2
** The reporting persons making this filing hold an
aggregate of 2,763,700 Shares, which is 5.2% of the
class of securities. The reporting person on this
cover page, however, may be deemed a beneficial owner
only of the securities reported by it on this cover
page.
------------====================================================================
3 SEC USE ONLY
------------====================================================================
CITIZENSHIP OR PLACE OF ORGANIZATION
4
Delaware
------------====================================================================
SOLE VOTING POWER
5
NUMBER OF -0-
------------===========================================
SHARES SHARED VOTING POWER
BENEFICIALLY 6
OWNED BY 1,407,500
------------===========================================
EACH SOLE DISPOSITIVE POWER
7
REPORTING -0-
PERSON WITH ------------===========================================
SHARED DISPOSITIVE POWER
8
1,407,500
------------====================================================================
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
1,407,500
------------====================================================================
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10 CERTAIN SHARES (See Instructions)
[ ]
------------====================================================================
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
2.7%
------------====================================================================
TYPE OF REPORTING PERSON (See Instructions)
12
IA, OO
------------====================================================================
Page 7 of 27 Pages
13G
===================
CUSIP No. 693320202
===================
------------====================================================================
NAMES OF REPORTING PERSONS
1 I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Farallon Partners, L.L.C.
------------====================================================================
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) [ ]
(b) [ X ]**
2
** The reporting persons making this filing hold an
aggregate of 2,763,700 Shares, which is 5.2% of the
class of securities. The reporting person on this
cover page, however, may be deemed a beneficial owner
only of the securities reported by it on this cover
page.
------------====================================================================
3 SEC USE ONLY
------------====================================================================
CITIZENSHIP OR PLACE OF ORGANIZATION
4
Delaware
------------====================================================================
SOLE VOTING POWER
5
NUMBER OF -0-
------------===========================================
SHARES SHARED VOTING POWER
BENEFICIALLY 6
OWNED BY 1,356,200
------------===========================================
EACH SOLE DISPOSITIVE POWER
7
REPORTING -0-
PERSON WITH ------------===========================================
SHARED DISPOSITIVE POWER
8
1,356,200
------------====================================================================
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
1,356,200
------------====================================================================
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10 CERTAIN SHARES (See Instructions)
[ ]
------------====================================================================
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
2.6%
------------====================================================================
TYPE OF REPORTING PERSON (See Instructions)
12
OO
------------====================================================================
Page 8 of 27 Pages
13G
===================
CUSIP No. 693320202
===================
------------====================================================================
NAMES OF REPORTING PERSONS
1 I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Chun R. Ding
------------====================================================================
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) [ ]
(b) [ X ]**
2
** The reporting persons making this filing hold an
aggregate of 2,763,700 Shares, which is 5.2% of the
class of securities. The reporting person on this
cover page, however, may be deemed a beneficial owner
only of the securities reported by it on this cover
page.
------------====================================================================
3 SEC USE ONLY
------------====================================================================
CITIZENSHIP OR PLACE OF ORGANIZATION
4
United States
------------====================================================================
SOLE VOTING POWER
5
NUMBER OF -0-
------------===========================================
SHARES SHARED VOTING POWER
BENEFICIALLY 6
OWNED BY 2,763,700
------------===========================================
EACH SOLE DISPOSITIVE POWER
7
REPORTING -0-
PERSON WITH ------------===========================================
SHARED DISPOSITIVE POWER
8
2,763,700
------------====================================================================
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
2,763,700
------------====================================================================
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10 CERTAIN SHARES (See Instructions)
[ ]
------------====================================================================
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
5.2%
------------====================================================================
TYPE OF REPORTING PERSON (See Instructions)
12
IN
------------====================================================================
Page 9 of 27 Pages
13G
===================
CUSIP No. 693320202
===================
------------====================================================================
NAMES OF REPORTING PERSONS
1 I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Joseph F. Downes
------------====================================================================
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) [ ]
(b) [ X ]**
2
** The reporting persons making this filing hold an
aggregate of 2,763,700 Shares, which is 5.2% of the
class of securities. The reporting person on this
cover page, however, may be deemed a beneficial owner
only of the securities reported by it on this cover
page.
------------====================================================================
3 SEC USE ONLY
------------====================================================================
CITIZENSHIP OR PLACE OF ORGANIZATION
4
United States
------------====================================================================
SOLE VOTING POWER
5
NUMBER OF -0-
------------===========================================
SHARES SHARED VOTING POWER
BENEFICIALLY 6
OWNED BY 2,763,700
------------===========================================
EACH SOLE DISPOSITIVE POWER
7
REPORTING -0-
PERSON WITH ------------===========================================
SHARED DISPOSITIVE POWER
8
2,763,700
------------====================================================================
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
2,763,700
------------====================================================================
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10 CERTAIN SHARES (See Instructions)
[ ]
------------====================================================================
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
5.2%
------------====================================================================
TYPE OF REPORTING PERSON (See Instructions)
12
IN
------------====================================================================
Page 10 of 27 Pages
13G
===================
CUSIP No. 693320202
===================
------------====================================================================
NAMES OF REPORTING PERSONS
1 I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
William F. Duhamel
------------====================================================================
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) [ ]
(b) [ X ]**
2
** The reporting persons making this filing hold an
aggregate of 2,763,700 Shares, which is 5.2% of the
class of securities. The reporting person on this
cover page, however, may be deemed a beneficial owner
only of the securities reported by it on this cover
page.
------------====================================================================
3 SEC USE ONLY
------------====================================================================
CITIZENSHIP OR PLACE OF ORGANIZATION
4
United States
------------====================================================================
SOLE VOTING POWER
5
NUMBER OF -0-
------------===========================================
SHARES SHARED VOTING POWER
BENEFICIALLY 6
OWNED BY 2,763,700
------------===========================================
EACH SOLE DISPOSITIVE POWER
7
REPORTING -0-
PERSON WITH ------------===========================================
SHARED DISPOSITIVE POWER
8
2,763,700
------------====================================================================
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
2,763,700
------------====================================================================
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10 CERTAIN SHARES (See Instructions)
[ ]
------------====================================================================
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
5.2%
------------====================================================================
TYPE OF REPORTING PERSON (See Instructions)
12
IN
------------====================================================================
Page 11 of 27 Pages
13G
===================
CUSIP No. 693320202
===================
------------====================================================================
NAMES OF REPORTING PERSONS
1 I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Charles E. Ellwein
------------====================================================================
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) [ ]
(b) [ X ]**
2
** The reporting persons making this filing hold an
aggregate of 2,763,700 Shares, which is 5.2% of the
class of securities. The reporting person on this
cover page, however, may be deemed a beneficial owner
only of the securities reported by it on this cover
page.
------------====================================================================
3 SEC USE ONLY
------------====================================================================
CITIZENSHIP OR PLACE OF ORGANIZATION
4
United States
------------====================================================================
SOLE VOTING POWER
5
NUMBER OF -0-
------------===========================================
SHARES SHARED VOTING POWER
BENEFICIALLY 6
OWNED BY 2,763,700
------------===========================================
EACH SOLE DISPOSITIVE POWER
7
REPORTING -0-
PERSON WITH ------------===========================================
SHARED DISPOSITIVE POWER
8
2,763,700
------------====================================================================
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
2,763,700
------------====================================================================
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10 CERTAIN SHARES (See Instructions)
[ ]
------------====================================================================
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
5.2%
------------====================================================================
TYPE OF REPORTING PERSON (See Instructions)
12
IN
------------====================================================================
Page 12 of 27 Pages
13G
===================
CUSIP No. 693320202
===================
------------====================================================================
NAMES OF REPORTING PERSONS
1 I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Richard B. Fried
------------====================================================================
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) [ ]
(b) [ X ]**
2
** The reporting persons making this filing hold an
aggregate of 2,763,700 Shares, which is 5.2% of the
class of securities. The reporting person on this
cover page, however, may be deemed a beneficial owner
only of the securities reported by it on this cover
page.
------------====================================================================
3 SEC USE ONLY
------------====================================================================
CITIZENSHIP OR PLACE OF ORGANIZATION
4
United States
------------====================================================================
SOLE VOTING POWER
5
NUMBER OF -0-
------------===========================================
SHARES SHARED VOTING POWER
BENEFICIALLY 6
OWNED BY 2,763,700
------------===========================================
EACH SOLE DISPOSITIVE POWER
7
REPORTING -0-
PERSON WITH ------------===========================================
SHARED DISPOSITIVE POWER
8
2,763,700
------------====================================================================
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
2,763,700
------------====================================================================
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10 CERTAIN SHARES (See Instructions)
[ ]
------------====================================================================
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
5.2%
------------====================================================================
TYPE OF REPORTING PERSON (See Instructions)
12
IN
------------====================================================================
Page 13 of 27 Pages
13G
===================
CUSIP No. 693320202
===================
------------====================================================================
NAMES OF REPORTING PERSONS
1 I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Monica R. Landry
------------====================================================================
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) [ ]
(b) [ X ]**
2
** The reporting persons making this filing hold an
aggregate of 2,763,700 Shares, which is 5.2% of the
class of securities. The reporting person on this
cover page, however, may be deemed a beneficial owner
only of the securities reported by it on this cover
page.
------------====================================================================
3 SEC USE ONLY
------------====================================================================
CITIZENSHIP OR PLACE OF ORGANIZATION
4
United States
------------====================================================================
SOLE VOTING POWER
5
NUMBER OF -0-
------------===========================================
SHARES SHARED VOTING POWER
BENEFICIALLY 6
OWNED BY 2,763,700
------------===========================================
EACH SOLE DISPOSITIVE POWER
7
REPORTING -0-
PERSON WITH ------------===========================================
SHARED DISPOSITIVE POWER
8
2,763,700
------------====================================================================
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
2,763,700
------------====================================================================
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10 CERTAIN SHARES (See Instructions)
[ ]
------------====================================================================
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
5.2%
------------====================================================================
TYPE OF REPORTING PERSON (See Instructions)
12
IN
------------====================================================================
Page 14 of 27 Pages
13G
===================
CUSIP No. 693320202
===================
------------====================================================================
NAMES OF REPORTING PERSONS
1 I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
William F. Mellin
------------====================================================================
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) [ ]
(b) [ X ]**
2
** The reporting persons making this filing hold an
aggregate of 2,763,700 Shares, which is 5.2% of the
class of securities. The reporting person on this
cover page, however, may be deemed a beneficial owner
only of the securities reported by it on this cover
page.
------------====================================================================
3 SEC USE ONLY
------------====================================================================
CITIZENSHIP OR PLACE OF ORGANIZATION
4
United States
------------====================================================================
SOLE VOTING POWER
5
NUMBER OF -0-
------------===========================================
SHARES SHARED VOTING POWER
BENEFICIALLY 6
OWNED BY 2,763,700
------------===========================================
EACH SOLE DISPOSITIVE POWER
7
REPORTING -0-
PERSON WITH ------------===========================================
SHARED DISPOSITIVE POWER
8
2,763,700
------------====================================================================
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
2,763,700
------------====================================================================
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10 CERTAIN SHARES (See Instructions)
[ ]
------------====================================================================
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
5.2%
------------====================================================================
TYPE OF REPORTING PERSON (See Instructions)
12
IN
------------====================================================================
Page 15 of 27 Pages
13G
===================
CUSIP No. 693320202
===================
------------====================================================================
NAMES OF REPORTING PERSONS
1 I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Stephen L. Millham
------------====================================================================
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) [ ]
(b) [ X ]**
2
** The reporting persons making this filing hold an
aggregate of 2,763,700 Shares, which is 5.2% of the
class of securities. The reporting person on this
cover page, however, may be deemed a beneficial owner
only of the securities reported by it on this cover
page.
------------====================================================================
3 SEC USE ONLY
------------====================================================================
CITIZENSHIP OR PLACE OF ORGANIZATION
4
United States
------------====================================================================
SOLE VOTING POWER
5
NUMBER OF -0-
------------===========================================
SHARES SHARED VOTING POWER
BENEFICIALLY 6
OWNED BY 2,763,700
------------===========================================
EACH SOLE DISPOSITIVE POWER
7
REPORTING -0-
PERSON WITH ------------===========================================
SHARED DISPOSITIVE POWER
8
2,763,700
------------====================================================================
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
2,763,700
------------====================================================================
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10 CERTAIN SHARES (See Instructions)
[ ]
------------====================================================================
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
5.2%
------------====================================================================
TYPE OF REPORTING PERSON (See Instructions)
12
IN
------------====================================================================
Page 16 of 27 Pages
13G
===================
CUSIP No. 693320202
===================
------------====================================================================
NAMES OF REPORTING PERSONS
1 I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Rajiv A. Patel
------------====================================================================
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) [ ]
(b) [ X ]**
2
** The reporting persons making this filing hold an
aggregate of 2,763,700 Shares, which is 5.2% of the
class of securities. The reporting person on this
cover page, however, may be deemed a beneficial owner
only of the securities reported by it on this cover
page.
------------====================================================================
3 SEC USE ONLY
------------====================================================================
CITIZENSHIP OR PLACE OF ORGANIZATION
4
United States
------------====================================================================
SOLE VOTING POWER
5
NUMBER OF -0-
------------===========================================
SHARES SHARED VOTING POWER
BENEFICIALLY 6
OWNED BY 2,763,700
------------===========================================
EACH SOLE DISPOSITIVE POWER
7
REPORTING -0-
PERSON WITH ------------===========================================
SHARED DISPOSITIVE POWER
8
2,763,700
------------====================================================================
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
2,763,700
------------====================================================================
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10 CERTAIN SHARES (See Instructions)
[ ]
------------====================================================================
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
5.2%
------------====================================================================
TYPE OF REPORTING PERSON (See Instructions)
12
IN
------------====================================================================
Page 17 of 27 Pages
13G
===================
CUSIP No. 693320202
===================
------------====================================================================
NAMES OF REPORTING PERSONS
1 I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Derek C. Schrier
------------====================================================================
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) [ ]
(b) [ X ]**
2
** The reporting persons making this filing hold an
aggregate of 2,763,700 Shares, which is 5.2% of the
class of securities. The reporting person on this
cover page, however, may be deemed a beneficial owner
only of the securities reported by it on this cover
page.
------------====================================================================
3 SEC USE ONLY
------------====================================================================
CITIZENSHIP OR PLACE OF ORGANIZATION
4
United States
------------====================================================================
SOLE VOTING POWER
5
NUMBER OF -0-
------------===========================================
SHARES SHARED VOTING POWER
BENEFICIALLY 6
OWNED BY 2,763,700
------------===========================================
EACH SOLE DISPOSITIVE POWER
7
REPORTING -0-
PERSON WITH ------------===========================================
SHARED DISPOSITIVE POWER
8
2,763,700
------------====================================================================
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
2,763,700
------------====================================================================
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10 CERTAIN SHARES (See Instructions)
[ ]
------------====================================================================
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
5.2%
------------====================================================================
TYPE OF REPORTING PERSON (See Instructions)
12
IN
------------====================================================================
Page 18 of 27 Pages
13G
===================
CUSIP No. 693320202
===================
------------====================================================================
NAMES OF REPORTING PERSONS
1 I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Thomas F. Steyer
------------====================================================================
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) [ ]
(b) [ X ]**
2
** The reporting persons making this filing hold an
aggregate of 2,763,700 Shares, which is 5.2% of the
class of securities. The reporting person on this
cover page, however, may be deemed a beneficial owner
only of the securities reported by it on this cover
page.
------------====================================================================
3 SEC USE ONLY
------------====================================================================
CITIZENSHIP OR PLACE OF ORGANIZATION
4
United States
------------====================================================================
SOLE VOTING POWER
5
NUMBER OF -0-
------------===========================================
SHARES SHARED VOTING POWER
BENEFICIALLY 6
OWNED BY 2,763,700
------------===========================================
EACH SOLE DISPOSITIVE POWER
7
REPORTING -0-
PERSON WITH ------------===========================================
SHARED DISPOSITIVE POWER
8
2,763,700
------------====================================================================
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
2,763,700
------------====================================================================
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10 CERTAIN SHARES (See Instructions)
[ ]
------------====================================================================
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
5.2%
------------====================================================================
TYPE OF REPORTING PERSON (See Instructions)
12
IN
------------====================================================================
Page 19 of 27 Pages
13G
===================
CUSIP No. 693320202
===================
------------====================================================================
NAMES OF REPORTING PERSONS
1 I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Mark C. Wehrly
------------====================================================================
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) [ ]
(b) [ X ]**
2
** The reporting persons making this filing hold an
aggregate of 2,763,700 Shares, which is 5.2% of the
class of securities. The reporting person on this
cover page, however, may be deemed a beneficial owner
only of the securities reported by it on this cover
page.
------------====================================================================
3 SEC USE ONLY
------------====================================================================
CITIZENSHIP OR PLACE OF ORGANIZATION
4
United States
------------====================================================================
SOLE VOTING POWER
5
NUMBER OF -0-
------------===========================================
SHARES SHARED VOTING POWER
BENEFICIALLY 6
OWNED BY 2,763,700
------------===========================================
EACH SOLE DISPOSITIVE POWER
7
REPORTING -0-
PERSON WITH ------------===========================================
SHARED DISPOSITIVE POWER
8
2,763,700
------------====================================================================
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
2,763,700
------------====================================================================
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10 CERTAIN SHARES (See Instructions)
[ ]
------------====================================================================
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
5.2%
------------====================================================================
TYPE OF REPORTING PERSON (See Instructions)
12
IN
------------====================================================================
Page 20 of 27 Pages
Item 1. Issuer
------
(a) Name of Issuer:
--------------
PHH Corporation (the "Company")
(b) Address of Issuer's Principal Executive Offices:
-----------------------------------------------
3000 Leadenhall Road, Mt. Laurel, New Jersey 08054.
Item 2. Identity And Background
-----------------------
Title Of Class Of Securities And CUSIP Number (Item 2(d) and (e))
-----------------------------------------------------------------
This statement relates to shares of Common Stock, par value $0.01 per
share (the "Shares"), of the Company. The CUSIP number of the Shares is
693320202.
Name Of Persons Filing, Address Of Principal Business Office And
----------------------------------------------------------------
Citizenship (Item 2(a), (b) and (c))
------------------------------------
This statement is filed by the entities and persons listed below, all
of whom together are referred to herein as the "Reporting Persons."
The Farallon Funds
------------------
(i) Farallon Capital Partners, L.P., a California limited
partnership ("FCP"), with respect to the Shares held by
it;
(ii) Farallon Capital Institutional Partners, L.P., a
California limited partnership ("FCIP"), with respect
to the Shares held by it;
(iii) Farallon Capital Institutional Partners II, L.P., a
California limited partnership ("FCIP II"), with
respect to the Shares held by it;
(iv) Farallon Capital Institutional Partners III, L.P., a
Delaware limited partnership ("FCIP III"), with respect
to the Shares held by it; and
(v) Tinicum Partners, L.P., a New York limited partnership
("Tinicum"), with respect to the Shares held by it.
FCP, FCIP, FCIP II, FCIP III and Tinicum are together referred to
herein as the "Farallon Funds."
Page 21 of 27 Pages
The Management Company
----------------------
(vi) Farallon Capital Management, L.L.C., a Delaware limited
liability company (the "Management Company"), with
respect to the Shares held by certain accounts managed
by the Management Company (the "Managed Accounts").
The Farallon General Partner
----------------------------
(vii) Farallon Partners, L.L.C., a Delaware limited liability
company which is the general partner of each of the
Farallon Funds (the "Farallon General Partner"), with
respect to the Shares held by each of the Farallon
Funds.
The Farallon Managing Members
-----------------------------
(viii) The following persons who are managing members of both
the Farallon General Partner and the Management
Company, with respect to the Shares held by the
Farallon Funds and the Managed Accounts: Chun R. Ding
("Ding"), Joseph F. Downes ("Downes"), William F.
Duhamel ("Duhamel"), Charles E. Ellwein ("Ellwein"),
Richard B. Fried ("Fried"), Monica R. Landry
("Landry"), William F. Mellin ("Mellin"), Stephen L.
Millham ("Millham"), Rajiv A. Patel ("Patel"), Derek C.
Schrier ("Schrier"), Thomas F. Steyer ("Steyer") and
Mark C. Wehrly ("Wehrly").
Ding, Downes, Duhamel, Ellwein, Fried, Landry, Mellin, Millham, Patel,
Schrier, Steyer and Wehrly are together referred to herein as the "Farallon
Individual Reporting Persons."
The citizenship of each of the Farallon Funds, the Farallon General
Partner and the Management Company is set forth above. Each of the Farallon
Individual Reporting Persons is a United States citizen. The address of the
principal business office of each of the Reporting Persons is c/o Farallon
Capital Management, L.L.C., One Maritime Plaza, Suite 1325, San Francisco,
California 94111.
Item 3. If This Statement Is Filed Pursuant To Sections 240.13d-1(b) or
---------------------------------------------------------------
240.13d-2(b) or (c), Check Whether The Person Filing Is An Entity
-----------------------------------------------------------------
Specified in (a) - (j):
-----------------------
Not Applicable.
If This Statement Is Filed Pursuant To Section 240.13d-1(c), Check This
-----------------------------------------------------------------------
Box. [X]
----
Item 4. Ownership
---------
The information required by Items 4(a) - (c) and set forth in Rows 5
through 11 of the cover page for each Reporting Person hereto is incorporated
herein by reference for each such Reporting Person.
Page 22 of 27 Pages
The Shares reported hereby for the Farallon Funds are owned directly by
the Farallon Funds and those reported by the Management Company on behalf of the
Managed Accounts are owned directly by the Managed Accounts. The Farallon
General Partner, as general partner to the Farallon Funds, may be deemed to be
the beneficial owner of all such Shares owned by the Farallon Funds. The
Management Company, as investment adviser to the Managed Accounts, may be deemed
to be the beneficial owner of all such Shares owned by the Managed Accounts. The
Farallon Individual Reporting Persons, as managing members of both the Farallon
General Partner and the Management Company, may each be deemed to be the
beneficial owner of all such Shares held by the Farallon Funds and the Managed
Accounts. Each of the Management Company, the Farallon General Partner and the
Farallon Individual Reporting Persons hereby disclaims any beneficial ownership
of any such Shares.
Item 5. Ownership Of Five Percent Or Less Of A Class
--------------------------------------------
Not Applicable.
Item 6. Ownership Of More Than Five Percent On Behalf Of Another Person
---------------------------------------------------------------
Not Applicable.
Item 7. Identification And Classification Of The Subsidiary Which Acquired The
----------------------------------------------------------------------
Security Being Reported On By The Parent Holding Company
--------------------------------------------------------
Not Applicable.
Item 8. Identification And Classification Of Members Of The Group
---------------------------------------------------------
The Reporting Persons are filing this Schedule 13G pursuant to
Rule 13d-1(c). Consistent with Item 2 of the cover page for each
Reporting Person above, the Reporting Persons neither disclaim nor
affirm the existence of a group among them.
Item 9. Notice Of Dissolution Of Group
------------------------------
Not Applicable.
Item 10. Certification
-------------
By signing below I certify that, to the best of my knowledge
and belief, the securities referred to above were not acquired and are
not held for the purpose of or with the effect of changing or
influencing the control of the issuer of the securities and were not
acquired and are not held in connection with or as a participant in any
transaction having that purpose or effect.
Page 23 of 27 Pages
SIGNATURES
----------
After reasonable inquiry and to the best of our knowledge and belief,
the undersigned certify that the information set forth in this statement is
true, complete and correct.
Dated: May 5, 2005
/s/ Joseph F. Downes
----------------------------------------
FARALLON PARTNERS, L.L.C.,
on its own behalf and as General Partner of
FARALLON CAPITAL PARTNERS, L.P.,
FARALLON CAPITAL INSTITUTIONAL PARTNERS, L.P.,
FARALLON CAPITAL INSTITUTIONAL PARTNERS II, L.P.,
FARALLON CAPITAL INSTITUTIONAL PARTNERS III, L.P.,
And TINICUM PARTNERS, L.P.,
By Joseph F. Downes
Managing Member
/s/ Joseph F. Downes
----------------------------------------
FARALLON CAPITAL MANAGEMENT, L.L.C.
By Joseph F. Downes
Managing Member
/s/ Joseph F. Downes
----------------------------------------
Joseph F. Downes, individually and as attorney-in-fact for
each of Chun R. Ding, William F. Duhamel, Charles E. Ellwein,
Richard B. Fried, Monica R. Landry, William F. Mellin,
Stephen L. Millham, Rajiv A. Patel, Derek C. Schrier,
Thomas F. Steyer and Mark C. Wehrly.
The Powers of Attorney, each executed by Mellin, Millham and Steyer
authorizing Downes to sign and file this Schedule 13G on each person's behalf,
which were filed with Amendment No. 1 to the Schedule 13D filed with the
Securities and Exchange Commission on January 20, 1998, by such Reporting
Persons with respect to the Units of Spiros Development Corporation II, Inc.,
are hereby incorporated by reference. The Powers of Attorney, each executed by
Duhamel and Fried authorizing Downes to sign and file this Schedule 13G on each
person's behalf, which were filed with Amendment No. 7 to the Schedule 13D filed
with the Securities and Exchange Commission on February 9, 1999 by such
Reporting Persons with respect to the Callable Class A Common Stock of Crescendo
Pharmaceuticals Corporation, are hereby incorporated by reference. The Power of
Attorney executed by Wehrly authorizing Downes to sign and file this Schedule
13G on his behalf, which was filed with Amendment No. 4 to the Schedule 13D
filed with the Securities and Exchange Commission on January 18, 2000,
Page 24 of 27 Pages
by such Reporting Person with respect to the Class A Common Stock of Momentum
Business Applications, Inc., is hereby incorporated by reference. The Power of
Attorney executed by Landry authorizing Downes to sign and file this Schedule
13G on her behalf, which was filed with the Schedule 13G filed with the
Securities and Exchange Commission on January 22, 2001, by such Reporting Person
with respect to the Common Stock of Korn/Ferry International, is hereby
incorporated by reference. The Powers of Attorney executed by each of Ding and
Schrier authorizing Downes to sign and file this Schedule 13G on his behalf,
which was filed with Amendment No. 1 to the Schedule 13D filed with the
Securities and Exchange Commission on July 2, 2003, by such Reporting Person
with respect to the Common Stock of Salix Pharmaceuticals, Ltd., is hereby
incorporated by reference. The Powers of Attorney executed by each of Ellwein
and Patel authorizing Downes to sign and file this Schedule 13G on his behalf,
which was filed with Amendment No. 4 to the Schedule 13G filed with the
Securities and Exchange Commission on January 8, 2004 by such Reporting Person
with respect to the Common Stock of Catalytica Energy Systems, Inc., is hereby
incorporated by reference.
Page 25 of 27 Pages
EXHIBIT INDEX
EXHIBIT 1 Joint Acquisition Statement Pursuant
to Section 240.13d1(k)
Page 26 of 27 Pages
EXHIBIT 1
to
SCHEDULE 13G
JOINT ACQUISITION STATEMENT
PURSUANT TO SECTION 240.13d-1(k)
--------------------------------
The undersigned acknowledge and agree that the foregoing statement on
Schedule 13G is filed on behalf of each of the undersigned and that all
subsequent amendments to this statement on Schedule 13G shall be filed on behalf
of each of the undersigned without the necessity of filing additional joint
acquisition statements. The undersigned acknowledge that each shall be
responsible for the timely filing of such amendments, and for the completeness
and accuracy of the information concerning him, her or it contained therein, but
shall not be responsible for the completeness and accuracy of the information
concerning the other entities or persons, except to the extent that he, she or
it knows or has reason to believe that such information is inaccurate.
Dated: May 5, 2005
/s/ Joseph F. Downes
----------------------------------------
FARALLON PARTNERS, L.L.C.,
on its own behalf and as General Partner of
FARALLON CAPITAL PARTNERS, L.P.,
FARALLON CAPITAL INSTITUTIONAL PARTNERS, L.P.,
FARALLON CAPITAL INSTITUTIONAL PARTNERS II, L.P.,
FARALLON CAPITAL INSTITUTIONAL PARTNERS III, L.P.,
And TINICUM PARTNERS, L.P.,
By Joseph F. Downes,
Managing Member
/s/ Joseph F. Downes
----------------------------------------
FARALLON CAPITAL MANAGEMENT, L.L.C.,
By Joseph F. Downes,
Managing Member
/s/ Joseph F. Downes
----------------------------------------
Joseph F. Downes, individually and as attorney-in-fact for
each of Chun R. Ding, William F. Duhamel,
Charles E. Ellwein, Richard B. Fried, Monica R. Landry,
William F. Mellin, Stephen L. Millham, Rajiv A. Patel,
Derek C. Schrier, Thomas F. Steyer and Mark C. Wehrly.
Page 27 of 27 Pages