Pricing Supplement Dated November 13, 1998 Rule 424 (b) (3)
(To Prospectus dated March 2, 1998 and File No. 333-45373
Prospectus Supplement dated March 2, 1998)
PHH CORPORATION
Medium-Term Notes
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Principal Amount: $10,000,000 Trade date: November 13, 1998
Currency or Currency Unit: US Dollars Original Issue Date: November 20, 1998
Issue Price: 100% Agent's Discount or Commission: 0.35%
Net Proceeds to Issuer: $9,965,000 Agent (s): J.P. Morgan & Co.
Maturity Date: March 4, 2002 CUSIP Number: 69332H GA 8
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<TABLE>
<CAPTION>
<S><C>
Interest:
Fixed Rate: 7.09%
Floating Rate:
Base Rate: [ ] Commercial Paper Rate [ ] CD Rate [ ] Federal Funds Effective Rate
[ ] LIBOR [ ] Treasury Rate [ ] Prime Rate [ ] Other
( ) Reuters Page: ____________ (see attached)
( ) Telerate Page: ___________
Spread: N/A
Initial Interest Rate: N/A
Interest Reset Dates: N/A
Interest Determination Date: N/A
Interest Payment Dates: March 4, 1999; September 4, 1999; March 4, 2000; September 4, 2000; March 4, 2001
September 4, 2001; March 4, 2002 (or next Business Day)
Index Maturity: N/A
Day Count Convention: [ ] Actual/360 [ ] Actual/Actual [ X ] 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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