Pricing Supplement Dated August 14, 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: August 14, 1995
Currency or Currency Unit: U.S. Dollars Original Issue Date: August 18, 1995
Issue Price: * Agent's Discount or Commission: *
Net Proceeds to Issuer: $100,000,000 Agent (s): Merrill Lynch & Co.
Maturity Date: August 19, 1996 Other Terms: Interest payments on the Notes will include the
amount of interest accrued from and including
the preceding Interest Payment Date in respect of
which interest has been paid for or duly provided
for, to but excluding the applicable Interest
Payment date or Maturity, as the case may be.
CUSIP Number: 69332H CR 5
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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
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Initial Interest Rate: To be determined August 18, 1995
Interest Reset Dates: Each Business Day to but excluding the Maturity Date
Interest Determination Date: The Business Day preceding each Interest
Reset Date
Interest Payment Dates: November 20, 1995, February 20, 1996, May 20,
1996, and August 19, 1996
Index Maturity: N/A
Spread: minus 2.86%
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
