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: $100,000,000 Trade date: September 12, 1995
Currency or Currency Unit: U.S. Dollars Original Issue Date: September 18, 1995
Issue Price: * Agent's Discount or Commission: *
Net Proceeds to Issuer: $99,985,000 Agent (s): J.P. Morgan Securities Inc.
Maturity Date: September 18, 1996 Other Terms: None
CUSIP Number: 69332H CV 6
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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 [ ] 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 (519)
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: December 18, 1995, March 18, 1996,
June 18, 1996 and September 18, 1996
Index Maturity: N/A
Spread: minus 2.91%
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
