Pricing Supplement Dated August 26, 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
<TABLE>
<CAPTION>
<S> <C> <C>
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Principal Amount: $130,000,000 Trade date: August 26, 1997
Currency or Currency Unit: US Dollars Original Issue Date: August 29, 1997
Issue Price: 100.0% Agent's Discount or Commission: 0.00%
Net Proceeds to Issuer: $130,000,000 Agent(s): Merrill Lynch & Co.
Maturity Date: September 3, 1998 CUSIP Number: 69332H EN 2
- ---------------------------------------------------------------------------------------------------------------
</TABLE>
Interest:
Fixed Rate:
Floating Rate:
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<CAPTION>
<S> <C> <C> <C>
Base Rate: [ ] Commercial Paper Rate [ ] CD Rate [ ] Federal Funds Effective Rate
[X] LIBOR [ ] Treasury Rate [ ] Prime Rate [ ] Other
( ) Reuters Page: __________________ (see attached)
(X) Telerate Page: 3750
_________
</TABLE>
Spread: minus .105%
Initial Interest Rate: To Be determined August 27, 1997
Interest Reset Dates: Quarterly, on the 3rd of December 1997, March 1998, and
June 1998
Interest Determination Date: Two London Banking days prior to Interest Reset
Date
Interest Payment Dates: Quarterly, on the 3rd of December 1997, March 1998, June
1998 and September 1998
Index Maturity: Three 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:
