Pricing Supplement Dated March 18, 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: $100,000,000 Trade date: March 18, 1999
Currency or Currency Unit: US Dollars Original Issue Date: March 23, 1999
Issue Price: 100% Agent's Discount or Commission: 0.0375%
Net Proceeds to Issuer: $99,962,500 Agent (s): Merrill Lynch & Co.
Maturity Date: March 23, 2000 CUSIP Number: 69332H FW 0
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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: ( X ) Telerate Page: 3750
unless adjusted as described below.
Spread: plus .23%, unless adjusted as described below.
Initial Interest Rate: To be determined March 19, 1999
Interest Reset Dates: Quarterly, June 23, 1999, September 23, 1999, December 23, 1999, or next
Business Day
Interest Determination Date: Two London Banking Days prior to Interest Reset Date
Interest Payment Dates: Quarterly, June 23, 1999, September 23, 1999, December 23, 1999, March 23, 2000 or next Business Day
Index Maturity: 3 Month, unless adjusted as described below.
Day Count Convention: [ X ] Actual/360 [ ] Actual/Actual [ ] 30/360
Option to Receive Payments in Specified Currency: [ ] Yes [ ] No
Redemption:
[ ] The Notes may not be redeemed prior to maturity, except as set forth in the Prospectus.
[X] The Notes may be redeemed, in whole only, prior to maturity, at the option of the Company,
with no more than 30 nor less than 8 calendar days notice.
Initial Redemption Date: September 23, 1999
Initial Redemption Price: 100 %
Annual Redemption Price Reduction: % until Redemption Price is 100% of the Principal Amount
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Repayment:
[ ] The Notes may not be repaid prior to maturity, except as set forth in the Prospectus.
[X] The Notes may be repaid prior to maturity at the option of the Holders, with no more than 30 nor
less than 5 calendar days notice.
Repayment Date: September 23, 1999
Repayment Price: 100%
Pricing Determination Date: September 15, 1999
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:
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[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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Other Terms:
The Base Rate, Index Maturity, and Spread applicable to the Notes during
the period from and including the Original Issue Date, to but excluding
September 23, 1999 will be LIBOR, three month, and plus .23%, respectively. The
Base Rate, Index Maturity, and Spread applicable to the Notes during the period
from and including September 23, 1999 to but excluding the Maturity Date (the
"Subsequent Pricing Period") will be the Base Rate, Index Maturity, and Spread
as determined by the Company as of 11:00AM New York City time on the Pricing
Determination Date. If the Base Rate, Index Maturity, and Spread with respect to
the Subsequent Pricing Period is not determined by 3:00PM on the Pricing
Determination Date, the Base Rate, Index Maturity, and Spread applicable to the
Subsequent Spread Period will be LIBOR, three month, and plus .23%,
respectively.
If the Company does not elect to redeem the Notes on September 23, 1999,
the Company will pay the Agent a fee equal to 0.0375% of the principal amount of
the Notes offered hereby, which remain outstanding on such date.
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