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>
Principal Amount: $100,000,000 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: $99,990,000 Agent (s): Goldman, Sachs & Co.
Maturity Date: September 16, 1996 Other Terms: None
CUSIP Number: 69332H CT 1
</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:
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<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 set on September 15, 1995 as
published in the Fed Statistical release H.15
Interest Reset Dates: Each Business Day to but excluding the
Maturity Date
Rate Determination Date: The Business Day preceding each
Interest Reset Date
Interest Payment Dates: Quarterly on the 16th day of December,
March, June, and September (using the modified
following business day convention)
Index Maturity: N/A
Spread: minus 2.87%
Basis: Actual/360
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
