PHH wholly-owned subsidiary, Chesapeake Funding has closed $300m increase in the total committed funding available under its Chesapeake variable funding notes facilities.
The secured additional fund increases the total committed funding under the conduit facilities to $1.5 bn and also increases the aggregate committed financing arrangements at the PHH's Fleet segment to $3.6 bn.
The additional conduit facilities will enable committed funding capacity for the possession of vehicles to be leased to clients of PHH Vehicle Management Services which is the PHH's fleet management business.
PHH Arval chief executive officer George Kilroy said "PHH Arval is committed to providing a lease product to its fleet management clients that is consistent with the outstanding client service and award winning technology and innovation."
The company has said that as of 29 December 2011, there was $409m of aggregate available capacity under the conduit facilities to provide funding for the domestic vehicle financing needs.
PHH through its subsidiary PHH Arval provides fleet management services in the US and Canada.
