September 18, 1996
Securities and Exchange Commission
450 Fifth Street N.W.
Washington, DC 20549
RE: PHH CORPORATION (REGISTRATION NO. 33-63627)
Gentlemen:
On behalf of PHH Corporation and pursuant to Rule 424 (b) (3) under the
Securities Act of 1933 as amended, we are transmitting herewith for filing one
copy of the Pricing Supplement dated September 17, 1996 to the Prospectus
Supplement and Prospectus dated November 8, 1995 of PHH Corporation.
Very Truly Yours
Mark E. Johnson
Assistant Treasurer
<PAGE>
Pricing Supplement Dated September 17, 1996 Rule 424 (b) (3)
(To Prospectus dated November 8, 1995 and File No. 33-63627
Prospectus Supplement dated November 8, 1995)
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<CAPTION>
PHH CORPORATION
Medium-Term Notes
<S> <C>
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Principal Amount: $100,000,000 Trade date: September 17, 1996
Currency or Currency Unit: U.S. Dollars Original Issue Date: September 20, 1996
Issue Price: 100.00% Agent's Discount or Commission: 0.0%
Net Proceeds to Issuer: $100,000,000 Agent (s): Goldman, Sachs & Co
Maturity Date: September 22, 1997 CUSIP Number: 69332H DQ 6
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</TABLE>
Interest:
Fixed Rate:
Floating Rate:
Base Rate: [ ] Commercial Paper Rate (30 day H.15, MMY) [ ] CD Rate
[ ] Federal Funds Effective Rate
[ ] LIBOR [X] Treasury Rate [ ] Prime Rate [ ] Other
( ) Reuters Page: (see attached)
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( ) Telerate Page:
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Spread: plus 0.30%
Initial Interest Rate: 5.51%
Interest Reset Dates: Weekly
Interest Determination Date: Tuesday of each week
Interest Payment Dates: December 20, 1996, March 20, 1997, June 20, 1997, and
September 22, 1997
Index Maturity: 3 month
Day Count Convention: [ ] Actual/360 [X] 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: %
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Annual Redemption Price Reduction: % until Redemption
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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.
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If as Agent:
The Notes are being offered at a fixed initial public offering price of
% of Principal Amount.
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Other Terms:
