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Supplement Dated November 13, 1998 to Pricing Supplement Dated November 4, 1998 Rule 424 (b) (3)
(To Prospectus dated March 2, 1998 and File No. 333-45373
Prospectus Supplement dated March 2, 1998)
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PHH CORPORATION
Medium-Term Notes
This Supplement supplements the Pricing Supplement dated November 4, 1998, and
relates to the Debt Securities described below (the "Notes"). This Supplement
should be read in conjunction with the Prospectus dated March 2, 1998 and the
Prospectus Supplement thereto dated March 2, 1998.
The Notes offered hereby will form a single issue with PHH Corporation's
$33,000,000 principal amount of 7.02% Notes Due November 9, 2001 issued on
November 9, 1998 (the "Original Notes"). A copy of the Pricing Supplement dated
November 4, 1998 is attached.
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Aggregate Principal Amount: $23,600,000 ($56,600,000 aggregate principal amount outstanding when combined with the
Original Notes)
Trade date: November 13, 1998
Currency or Currency Unit: US Dollars Issue Date: November 18, 1998
Issue Price: 99.865% Agent's Discount or Commission: 0.35%
Net Proceeds to Issuer: $23,485,540 Agent(s): Merrill Lynch & Co.
Maturity Date: November 9, 2001 CUSIP Number: 69332H FY 7
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Interest:
Fixed Rate: 7.02%
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 Commencement Date: November 9, 1998
Interest Reset Dates: N/A
Interest Determination Date: N/A
Interest Payment Dates: Semi-Annually, on May 9, 1999; November 9, 1999; May 9, 2000;
November 9, 2000; May 9, 2001; November 9, 2001 (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:
The Agents from time to time perform investment banking and other
financial services for the Company and its affiliates, including its parent
company, Cendant Corporation ("Cendant"). Federal class action lawsuits have
been commenced against Cendant and others alleging securities law violations in
connection with public statements relating to Cendant's common stock and its
public offering of FELINE PRIDES ("PRIDES") on February 24, 1998. Merrill Lynch
& Co., as an underwriter of the PRIDES offering, is or may be named as a
defendant in certain cases.
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Pricing Supplement Dated November 4, 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: $33,000,000 Trade date: November 4, 1998
Currency or Currency Unit: US Dollars Original Issue Date: November 9, 1998
Issue Price: 100% Agent's Discount or Commission: 0.35%
Net Proceeds to Issuer: $32,884,500 Agent(s): Merrill Lynch & Co.
Maturity Date: November 9, 2001 CUSIP Number: 69332H FY 7
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Interest:
Fixed Rate: 7.02%
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: Semi-Annually, on May 9, 1999; November 9, 1999; May 9, 2000;
November 9, 2000; May 9, 2001; November 9, 2001 (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:
The Agents from time to time perform investment banking and other
financial services for the Company and its affiliates, including its parent
company, Cendant Corporation ("Cendant"). Federal class action lawsuits have
been commenced against Cendant and others alleging securities law violations in
connection with public statements relating to Cendant's common stock and its
public offering of FELINE PRIDES ("PRIDES") on February 24, 1998. Merrill Lynch
& Co., as an underwriter of the PRIDES offering, is or may be named as a
defendant in certain of these cases.
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