Pricing Supplement Dated July 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: $85,000,000 Trade date: July 12, 1995
Currency or Currency Unit: U.S. Dollars Original Issue Date: July 18, 1995
Issue Price: * Agent's Discount or Commission: $41,650
Net Proceeds to Issuer: $84,958,350 Agent (s): Merrill Lynch & Co.
Maturity Date: July 18, 1996 Other Terms: None
CUSIP Number: 69332H CQ 7
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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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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 July 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: October 18, 1995, January 18, 1996, April 18,
1996, and July 18, 1996
Index Maturity: N/A
Spread: minus 2.89%
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:
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[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
