Pricing Supplement Dated August 21, 1997 Rule 424 (b)(3)
(To Prospectus dated June 5, 1997 and File No. 333-27715
Prospectus Supplement dated June 5, 1997)
PHH CORPORATION
MEDIUM-TERM NOTES
[PHH Logo appears here]
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Principal Amount: $100,000,000 Trade date: August 21, 1997
Currency or Currency Unit: US Dollars Original Issue Date: August 26, 1997
Issue Price: 100% Agent's Discount or Commission: 0.00%
Net Proceeds to Issuer: $100,000,000 Agent(s): Credit Suisse First Boston Corporation
Maturity Date: September 25, 1998 CUSIP Number: 69332H EK 8
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Interest:
Fixed Rate:
Floating Rate:
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Base Rate: [ ] Commercial Paper Rate [ ] CD Rate [X ] Federal Funds Effective Rate
[ ] LIBOR [ ] Treasury Rate [ ] Prime Rate [ ] Other
( ) Reuters Page: __________________ (see attached)
( ) Telerate Page: _________
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Spread: plus .09%
Initial Interest Rate: To Be Determined August 26, 1997
Interest Reset Dates: November 25, 1997; February 25, 1998; May 25, 1998;
August 25, 1998 or next good business day and at maturity.
Interest Determination Date: Daily, previous day Fed Funds effective H15
Interest Payment Dates: November 25, 1997; February 25, 1998; May 25, 1998;
August 25, 1998; or next good business day and at maturity.
Index Maturity: Daily
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
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August 22, 1997
Securities and Exchange Commission
450 Fifth Street N.W.
Washington, DC 20549
RE: PHH CORPORATION - REGISTRATION NO. 333-27715
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 August 21, 1997 to the Prospectus
Supplement and Prospectus dated June 5, 1997 of PHH Corporation.
Very truly yours,
/s/ Mark E. Johnson
Mark E. Johnson
Assistant Treasurer
