Pricing Supplement Dated March 20, 1996 Rule 424 (b) (3)
(To Prospectus dated November 8, 1995 and File No. 33-63627
Prospectus Supplement dated November 8, 1995)
PHH CORPORATION
MEDIUM-TERM NOTES
<TABLE>
<S> <C> <C>
Principal Amount: $100,000,000 Trade date: March 20, 1996
Currency or Currency Unit: U.S. Dollars Original Issue Date: March 25, 1996
Issue Price: See Below Agent's Discount or Commission: 0.00%
Net Proceeds to Issuer: $100,000,000 Agent (s): Merrill Lynch & Co.
Maturity Date: March 25, 1997 CUSIP Number: 69332H DG 8
- ---------------------------------------------------------------------------------------------
</TABLE>
Interest:
Fixed Rate:
Floating Rate:
Base Rate: [ ] Commercial Paper Rate (30 day H.15, MMY) [ ] CD Rate
[ ] Federal Funds Effective Rate
[X] LIBOR [ ] Treasury Rate [ ] Prime Rate [ ] Other
( ) Reuters Page: (see attached)
------------------
(x) Telerate Page: 3750
---------------
Spread: minus 0.06%
Initial Interest Rate: To be determined March 21, 1996
Interest Reset Dates: Monthly, on the 25th of each month commencing
April 25, 1996
Interest Determination Date: Two Business Days prior to Interest Reset Date
Interest Payment Dates: Monthly, on the 25th of each month commencing
April 25, 1996
Index Maturity: 1 month
Day Count Convention: [X] Actual/360 [ ] Actual/Actual [ ] 30/360
Option to Receive Payments in Specified Currency: [ ] Yes [ ] No
Redemption:
[X] The Notes may not 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 may not be repaid prior to maturity, except as
set forth in the Prospectus.
[ ] The Notes may be repaid prior to maturity at the option of
the holder of 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
Agent's Capacity: [ ] Agent [X] Principal
If as Principal:
[X] 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 proposes to offer the Notes at a fixed initial public
offering price of ________________% of Principal Amount.
If as Agent:
The Notes are being offered at a fixed initial public offering
price of ___________% of Principal Amount.
Other Terms:
