Pricing Supplement Dated January 19, 1999 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: $50,000,000 Trade date: January 19, 1999
Currency or Currency Unit: US Dollars Original Issue Date: January 25, 1999
Issue Price: 100% Agent's Discount or Commission: 0.125%
Net Proceeds to Issuer: $49,937,500 Agents: Lehman Brothers Inc.
Maturity Date: January 25, 2000 CUSIP Number: 69332H GF 7
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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: plus 0.40%
Initial Interest Rate: To be determined January 21, 1999
Interest Reset Dates: Quarterly, April 25, 1999, July 25, 1999, October 25, 1999, or next Business Day
Interest Determination Date: Two London Banking Days prior to Interest Reset Date
Interest Payment Dates: Quarterly, April 25, 1999, July 25, 1999, October 25, 1999, January 25, 2000 or next
Business Day
Index Maturity: 3 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.
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