JPMorgan, Citigroup Inc., Goldman Sachs Group Inc., and Morgan Stanley have offered discounts of up to 10% to clear a backlog of debt after a record $787 billion in leveraged buyouts last year. PHH fell 14 cents to $17.64 in New York Stock Exchange composite trading yesterday, 37% less than its $27.81 price on March 14, the day before the agreement was announced. "Blackstone was prepared to close its end of the transaction using the financing that in March was originally committed to be made available," the buyout firm said in the e-mailed statement. "We regret that the banks are now unwilling to provide financing under the terms they originally agreed to." Blackstone didn't name the banks, which PHH identified in the September 17 statement. A termination fee of $50 million is being sought from Blackstone by PHH, based on the agreement's terms. GE, based in Fairfield, Conn., was to buy the vehicle-leasing unit through its commercial finance division.