Pricing Supplement Dated September 4, 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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Principal Amount: $100,000,000 Trade date: September 4, 1997
Currency or Currency Unit: US Dollars Original Issue Date: September 10, 1997
Issue Price: 100.0% Agent's Discount or Commission: 0.00%
Net Proceeds to Issuer: $100,000,000 Agent (s): Goldman, Sachs & Co.
Maturity Date: October 6, 1998 CUSIP Number: 69332H EQ 5
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Interest:
Fixed Rate:
Floating Rate:
Base Rate: [ ] Commercial Paper Rate [ ] CD Rate [ ] Federal Funds Effective Rate
[ ] LIBOR [ ] Treasury Rate [X] Prime Rate [ ] Other
( ) Reuters Page: ___________________ (see attached)
( ) Telerate Page: __________________
Spread: minus 2.82%
Initial Interest Rate: To be determined September 9, 1997
Interest Reset Dates: Each business day to but excluding the Maturity Date
Interest Determination Date: One business day prior to Interest Reset Date
Interest Payment Dates: Quarterly on the 6th day of October 1997, January 1998, April 1998, July 1998 and October
1998 or next business day
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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