Pricing Supplement Dated June 6, 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
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<S> <C>
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Principal Amount: $100,000,000 Trade date: June 6, 1997
Currency or Currency Unit: US Dollars Original Issue Date: June 10, 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: June 10, 1998 CUSIP Number: 69332H DW 3
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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 10th of each month commencing July 10, 1997
Interest Determination Date: Two London Banking Days prior to Interest Reset Date
Interest Payment Dates: Monthly, on the 10th of each month commencing July 10, 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.
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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PHH Corporation 11333 McCormick Road Telephone
Hunt Valley, MD 410 771 3600
21031 1000
June 9, 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 June 6, 1997 to the Prospectus Supplement
and Prospectus dated June 5, 1997 of PHH Corporation.
Very Truly Yours,
/s/ Mark E. Johnson
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Mark E. Johnson
Assistant Treasurer
