Pricing Supplement Dated August 18, 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
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<CAPTION>
<S> <C> <C> <C>
Principal Amount: $50,000,000 Trade date: August 18, 1994
Currency or Currency Unit: U.S. Dollars Original Issue Date: August 25, 1994
Issue Price: 100.00% Agent's Discount or Commission: *
Net Proceeds to Issuer: $50,000,000 Agent (s): J. P. Morgan Securities Inc.
Maturity Date: August 25, 1995 Other Terms: None
CUSIP Number: 69332H BX 3
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(*) The Agent has agreed to purchase the Notes at a price of 100.00% of the
principal amount of the Notes. The Agent proposes to offer the Notes from
time to time for resale in negotiated transactions or otherwise, at market
prices prevailing at the time of resale, at prices related to such prevailing
market prices or at negotiated prices. The Agent may be deemed to be an
underwriter and any profit on resale of the Notes may be deemed to be
underwriting discounts or commissions.
Interest:
Fixed Rate:
Floating Rate:
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<CAPTION>
<S> <C> <C> <C>
Base Rate: [ ] Commercial Paper [ ] CD Rate [ ] Federal Funds Effective Rate
[ ] LIBOR [ ] Treasury Rate [X] Prime Rate [ ] Other
( ) Reuters (see attached)
( ) Telerate
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Initial Interest Rate: To be set on August 25, 1994
Interest Reset Dates: Daily
Interest Payment Dates: February 25, May 25, August 25, and November 25,
beginning with November 25, 1994 using the
following business day convention
Index Maturity: N/A
Spread: minus 2.70%
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
