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Pricing Supplement Dated June 19, 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
Principal Amount: $25,000,000 Trade date: June 19, 1997 [PHH LOGO]
Currency or Currency Unit: US Dollars Original Issue Date: June 24, 1997
Issue Price: 99.98214% Agent's Discount or Commission: 0.01786%
Net Proceeds to Issuer: $24,995,535.00 Agent (s): Credit Suisse First Boston Corporation
Maturity Date: May 26, 1998 CUSIP Number: 69332H DZ 6
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Interest:
Fixed Rate:
Floating Rate:
Base Rate: [ ] Commercial Paper Rate [ ] CD Rate [ ] Federal Funds Effective Rate
[X] LIBOR [ ] Treasury Rate [ ] Prime Rate [ ] Other
( ) Reuters Page: (see attached)
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(X) Telerate Page: 3750
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Spread: NONE
Initial Interest Rate: 5.6875%
Interest Reset Dates: Monthly, on the 26th of each month commencing July 28, 1997
Interest Determination Date: Two London Banking Days prior to Interest Reset Date
Interest Payment Dates: Monthly, on the 26th of each month commencing July 28, 1997
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.
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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
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Amount.
Other Terms:
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