Pricing Supplement Dated June 21, 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
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Principal Amount: $100,000,000 Trade date: June 21, 1995
Currency or Currency Unit: U.S. Dollars Original Issue Date: June 27, 1995
Issue Price: * Agent's Discount or Commission: $30,000
Net Proceeds to Issuer: $99,970,000 Agent (s): Merrill Lynch & Co.
Maturity Date: June 27, 1996 Other Terms: None
CUSIP Number: 69332H CP 9
</TABLE>
(*) 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:
<TABLE>
<CAPTION>
<S> <C>
Base Rate: [ ] Commercial Paper [ ] CD Rate [ ] Federal Funds Effective Rate
[ ] LIBOR [ ] Treasury Rate [X] Prime Rate [ ] Other
( ) Reuters (see attached)
( ) Telerate
</TABLE>
Initial Interest Rate: To be determined June 26, 1995
Interest Reset Dates: Each Business Day to but excluding the Maturity Date
Interest Determination Date: The H.15 Prime Rate as published the Business
Day preceding each Interest Reset Date
Interest Payment Dates: September 27, 1995, December 27, 1995, March 27,
1996, and June 27, 1996
Index Maturity: N/A
Spread: minus 2.83%
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
