[Update 1: Clarifies Chesapeake Funding's role as PPH Corp.'s fleet funding subsidiary.] Chesapeake Funding priced $850m of a 2009-series of asset-backed notes expected upon issuance to qualify as eligible collateral under the Term Asset-Backed Securities Loan Facility (TALF). The firm expects the offering to close on September 11. [Update 1: Clarifies Chesapeake Funding's role as PPH Corp.'s fleet funding subsidiary.] Chesapeake Funding priced $850m of a 2009-series of asset-backed notes expected upon issuance to qualify as eligible collateral under the Term Asset-Backed Securities Loan Facility (TALF). The firm expects the offering to close on September 11. The Federal Reserve initiated TALF to boost credit available to customers and businesses by facilitating renewed issuance of certain asset-backed securities including commercial mortgage-backed securities. TALF allows private investors to purchase securities with a matching government investment. Capmark, the indirect wholly-owned fleet funding subsidiary of fleet vehicle and mortgage service provider PHH Corp., said the net proceeds of the offering will repay a portion of one of Chesapeake's 2006-series of asset-backed variable funding investor notes. Any additional proceeds from the offering will be used to make loans to another of PHH's subsidiaries, Chesapeake Finance Holdings, to fund the acquisition of vehicles for PHH's fleet management business. New offerings like that out of Chesapeake increase the supply of TALF-eligible securities. The Fed, in an effort to facilitate the purchase of these securities, is appointing more broker-dealer agents that will access TALF. The Federal Reserve Bank of New York named four firms to serve as non-primary broker-dealer agents for TALF. The firms, CastleOak Securities, Loop Capital Markets, Wells Fargo Securities and The Williams Capital Group, will represent borrowers by accessing the facility. "Establishing a wider network of TALF Agents as a distribution mechanism for TALF financing is an important step that should enable a broader range of investors to access the facility, leading to a further improvement in the securitization market," said NY Fed president William Dudley. Write to Diana Golobay.