Pricing Supplement Dated January 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
<TABLE>
<S> <C> <C> <C>
Principal Amount: $89,000,000 Trade date: January 12, 1995
Currency or Currency Unit: U.S. Dollars Original Issue Date: January 19, 1995
Issue Price: * Agent's Discount or Commission: $25,365
Net Proceeds to Issuer: $88,974,635 Agent (s): Merrill Lynch & Co.
Maturity Date: January 19, 1996 Other Terms: See Rider 1
CUSIP Number: 69332H CF 1 Agent's Capacity: Principal
</TABLE>
* The Notes will be sold at market prices prevailing at the time of
sale, at prices related to such prevailing prices or at negotiated
prices. The Agent may be deemed to have received compensation in
the form of underwriting discounts. The Agent may be deemed to be
an underwriter and any discount or commission received by it and
any profit on resale of the Notes may be deemed to be underwriting
discounts or commissions.
<TABLE>
<S> <C> <C> <C>
Interest:
Fixed Rate:
Floating Rate:
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 January 19, 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: April 19, 1995, July 19, 1995, October 19, 1995, and
January 19, 1996 (using the modified following
business day convention)
Index Maturity: N/A
Spread: minus 2.55%
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
<PAGE>
Rider 1
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.
