PHH Corp. commenced a modified Dutch auction self-tender offer to purchase up to $266 million worth of its common shares for cash at a per-share price of between $13.45 and $14.25.

The tender offer will expire at 11:59 p.m. ET on Sept. 8, unless extended or withdrawn. The company also reserves the right to purchase an additional 2% of its outstanding shares, thereby increasing the aggregate purchase price without amending or extending the tender offer.

Credit Suisse Securities (USA) LLC will serve as dealer manager for the tender offer. MacKenzie Partners Inc. will serve as information agent and Computershare Trust Co. NA will serve as depositary.