Pricing Supplement Dated September 12, 1995 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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<S> <C> <C> <C>
Principal Amount: $50,000,000 Trade date: September 12, 1995
Currency or Currency Unit: U.S. Dollars Original Issue Date: September 15, 1995
Issue Price: * Agent's Discount or Commission: *
Net Proceeds to Issuer: $49,992,500 Agent (s): J.P. Morgan Securities Inc.
Maturity Date: September 16, 1996 Other Terms: None
CUSIP Number: 69332H CU 8
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(*) 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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<S> <C>
Base Rate: [ ] Commercial Paper [ ] CD Rate [ ] Federal Funds Effective Rate
[ ] LIBOR [X] Treasury Rate [ ] Prime Rate [ ] Other
( ) Reuters (see attached)
( ) Telerate
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Initial Interest Rate: To be set on September 12, 1995
Interest Reset Dates: Tuesday of each week or next Business
Day from the Fed H.15 - US Government
Securities - Treasury Bills- Auction Average
(Investment)-6-month
Interest Payment Dates: March 15, 1996 and September 16, 1996
Index Maturity: 6 months
Spread: plus 0.22%
Basis: Actual/Actual
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
