Pricing Supplement Dated August 17, 1994 Rule 424 (b) (3)
File No. 33-52669
(To Prospectus dated June 23, 1994 and
Prospectus Supplement dated June 23, 1994)
PHH CORPORATION
Medium-Term Notes
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Principal Amount: $110,000,000 Trade date: August 17, 1994
Currency or Currency Unit: U.S. Dollars Original Issue Date: August 24, 1994
Issue Price: 100.00% Agent's Discount or Commission: 0.00%
Net Proceeds to Issuer: $110,000,000 Agent (s): CS First Boston Corporation
Maturity Date: August 24, 1995 Other Terms: None
CUSIP Number: 69332H BW 5
</TABLE>
Interest:
Fixed Rate:
Floating Rate:
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Base Rate: [X] Commercial Paper [ ] CD Rate [ ] Federal Funds Effective Rate
[ ] LIBOR [ ] Treasury Rate [ ] Prime Rate [ ] Other
( ) Reuters (see attached)
( ) Telerate
</TABLE>
Initial Interest Rate: To be set on August 22, 1994
Interest Reset Dates: Monthly, on the 24th or next Business Day of each
month, commencing 9/26/94
Interest Determination Date: Two business days prior to reset dates
Interest Payment Dates: Monthly, on the 24th or next Business Day of
each month, commencing 9/26/94
Index Maturity: 1 month
Spread: minus 0.04%
Option to Receive Payments in Specified Currency: [ ] Yes [ ] No
Redemption:
[X] The Notes cannot be redeemed prior to maturity, except as set forth
in the Prospectus
[ ] The Notes may be redeemed prior to maturity
Initial Redemption Date:
Initial Redemption Price: %
Annual Redemption Price Reduction: % until Redemption Price is
100% of the principal amount
Repayment:
[X] The Notes Cannot be repaid prior to maturity, except as set forth in
the Prospectus
[ ] The Notes can be repaid prior to maturity at the option of the
holder on the Notes
Repayment Date:
Repayment Price: %
Discount Note: [ ] Yes [X] No
Total Amount of OID:
Yield to Maturity:
Initial Accrual Period:
Form: [X] Global [ ] Certificated
