-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, FtVGT7w1n9+1zF0SXLKk81R/y8nd+RFfAqQZdfryIpJ/kKV+O8mOIpJXcOLaPI21 YZ5bi3GBaT37OOgdtaaNkw== 0000038009-94-000101.txt : 19940701 0000038009-94-000101.hdr.sgml : 19940701 ACCESSION NUMBER: 0000038009-94-000101 CONFORMED SUBMISSION TYPE: 424B3 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19940628 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FORD MOTOR CREDIT CO CENTRAL INDEX KEY: 0000038009 STANDARD INDUSTRIAL CLASSIFICATION: 6141 IRS NUMBER: 381612444 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 424B3 SEC ACT: 1933 Act SEC FILE NUMBER: 033-53101 FILM NUMBER: 94536053 BUSINESS ADDRESS: STREET 1: THE AMERICAN RD STREET 2: PO BOX 6044 CITY: DEARBORN STATE: MI ZIP: 48121 BUSINESS PHONE: 3133223000 MAIL ADDRESS: STREET 1: PO BOX 6044 STREET 2: THE AMERICAN ROAD CITY: DEARBORN STATE: MI ZIP: 48121 424B3 1 PRICING SUPPLEMENT NO. 19 Pricing Supplement No. 19 Dated June 23, 1994 (To Prospectus and Prospectus Supplement Dated May 4, 1994) Rule 424(b)(3) Registration Statement No. 33-53101 U.S. $6,000,000,000 FORD MOTOR CREDIT COMPANY Medium-Term Notes Due from 9 Months to 30 Years from Date of Issue Ford Motor Credit Company ("Ford Credit")has designated $50,000,000 aggregate principal amount of its Medium-Term Notes Due from 9 Months to 30 Years from Date of Issue having the specific terms set forth below. Citicorp Securities, Inc. has agreed to purchase the Notes at a price of 100% of their principal amount for resale at an initial public offering price of 100% of the principal amount. After the initial public offering, the offering price may be changed. Issue Date: June 30, 1994 Principal Amount: $50,000,000 Interest Rate Basis: Treasury Rate (as hereinafter defined) Spread: Plus 26 basis points (.26%) Interest Payment Dates: Quarterly on the 28th day of the months of March, June, September and December during the period commencing September 28, 1994, and ending on the Stated Maturity Stated Maturity: June 28, 1996 Interest Reset Dates: Weekly as hereinafter provided CITICORP SECURITIES, INC. DESCRIPTION OF NOTES The following description of the particular terms of the Notes offered hereby supplements, and to the extent inconsistent therewith replaces, the descriptions of the general terms and provisions of the Notes set forth in the accompanying Prospectus Supplement and of the Debt Securities set forth in the accompanying Prospectus, to which descriptions reference is hereby made. All terms used but not defined herein which are defined in the accompanying Prospectus or Prospectus Supplement shall have the meanings therein assigned to them. Interest Interest on the Notes will be payable quarterly on the 28th day of March, June, September and December during the period commencing on September 28, 1994 and ending on the Stated Maturity (each such date an "Interest Payment Date") to the person in whose name any Note is registered on the close of business fifteen days preceding each Interest Payment Date. The Notes are not subject to redemption prior to the Maturity Date. The per annum interest rate on the Notes (the "Interest Rate" ) in effect for each day of a Calculation Period will be equal to the Treasury Rate (as hereinafter defined) having an Index Maturity of three months plus a Spread equal to 26 basis points (0.26%), except that the Interest Rate applicable to the initial Calculation Period commencing on June 30, 1994 to but excluding the initial Interest Reset Date shall be 4.57% per annum. The Interest Rate for each subsequent Calculation Period shall be reset on each Interest Reset Date and shall be determined on the basis of the Treasury Rate determined for the Treasury Interest Determination Date pertaining to such Interest Reset Date. "Calculation Period" shall mean for each Calculation Period subsequent to the initial Calculation Period, the period commencing on an Interest Reset Date and ending on the day immediately preceding the next following Interest Reset Date except that (i) the first Calculation Period in each Interest Payment Period subsequent to the initial Interest Payment Period shall commence on the first day of such Interest Payment Period and end on the day immediately preceding the first Interest Reset Date in such Interest Payment Period occurring subsequent to the first day of such Interest Payment Period and (ii) the final Calculation Period of each Interest Payment Period shall commence on the Interest Reset Date occurring in the calendar week immediately preceding the week in which the Interest Payment Date for such Interest Payment Period occurs and end on the day prior to such Interest Payment Date unless such last Calculation Period consists of fewer than six Business Days in which case such last Calculation Period shall commence on the Interest Reset Date occurring in the second calendar week immediately preceding the week in which the Interest Payment Date for such Interest Payment Period occurs and end on the day prior to such Interest Payment Date. "Interest Payment Period" shall mean the period from and including an Interest Payment Date (or in the case of the initial Interest Payment Period, June 30, 1994) to and including the day prior to the next succeeding Interest Payment Date (or in the case of the last Interest Payment Period, the Stated Maturity). "Interest Reset Date" shall mean Tuesday of each calendar week during the period commencing with June 30, 1994 and ending on the Stated Maturity; provided, however, that, the Interest Reset Date pertaining to the first Calculation Period in each Interest Payment Period subsequent to the initial Interest Payment Period shall be deemed to be the first day of such Interest Payment Period; and, provided, further, that if any Interest Reset Date would otherwise be a day that is not a Business Day, then such Interest Reset Date shall be the next succeeding Business Day. "Treasury Interest Determination Date" pertaining to any Interest Reset Date will be the day of the week in which such Interest Reset Date occurs on which Treasury bills having an Index Maturity of three months would normally be auctioned. Treasury bills are usually sold at auction on Monday of each week unless that day is a legal holiday in which case the auction is usually held on the following Tuesday, except that such auction may be held on the preceding Friday. If, as a result of a legal holiday, an auction is so held on the preceding Friday, such Friday will be the Treasury Interest Determination Date pertaining to the Interest Reset Date occurring in the next succeeding week. If an auction date shall fall on any Interest Reset Date, then such Interest Reset Date shall instead be the first Business Day immediately following such auction date. "Business Day" shall mean any day that is not a Saturday or a Sunday and that, in the The City of New York, is not a day on which banking institutions are generally authorized or obligated by law to close. For each Treasury Interest Determination Date pertaining to an Interest Reset Date, Chemical Bank (the "Reference Agent"), as agent for Ford Credit, will determine the Treasury Rate. "Treasury Rate" means with respect to any Treasury Interest Determination Date pertaining an Interest Reset Date, the Bond Equivalent Yield of the rate for the most recent auction on such date of United States Treasury bills having the Index Maturity of three months as such rate is set forth in H.15(519) for that day opposite the Index Maturity of three months under the caption "U.S. Government Securities/Treasury Bills/Auction Average (Investment") as displayed on Telerate Page 56 under the column titled "*Avge Invest Yield". If at the close of business on the Calculation Date with respect to any Treasury Interest Determination Date, United States Treasury bills of the Index Maturity of three months have been auctioned on such Treasury Interest Determination Date but the Bond Equivalent Yield for such rate for such Interest Determination Date is not yet displayed on Telerate Page 56, such Bond Equivalent Yield as so published shall be obtained by the Reference Agent from whatever source the Reference Agent shall select in its sole discretion. If United States Treasury bills having Index Maturity of three months are not auctioned during any period of seven consecutive calendar days ending on and including any Friday and a Treasury Interest Determination Date would have occurred if such Treasury bills had been auctioned during that seven-day period, a Treasury Interest Determination Date will be deemed to have occurred on the day during that seven-day period on which such Treasury bills would have been auctioned in accordance with the usual practices of the United States Department of the Treasury, and the rate for that Treasury Interest Determination Date will be the Bond Equivalent Yield on the rate set forth in H.15(519) for that day opposite the Index Maturity of three months under the caption "U.S. Government Securities/Treasury Bills/Secondary Market". If at the close of business on the Calculation Date with respect to the relevant Treasury Interest Determination Date such rate is not yet published in H.15(519), the rate for that Treasury Interest Determination Date will be the Bond Equivalent Yield of the arithmetic mean of the secondary market bid rates of three primary United States government securities dealers in The City of New York selected by the Reference Agent, after consultation with Ford Credit, as of approximately 3:30 p.m., New York City time, on that day for the issue of United States Treasury bills with a remaining maturity closest to the Index Maturity of three months; provided, however, that if fewer than three dealers selected as aforesaid by the Reference Agent are quoting as mentioned in this sentence, the Treasury Rate with respect to such Interest Determination Date will be the Treasury Rate in effect on the day immediately preceding such Treasury Interest Determination Date. "Bond Equivalent Yield" means the yield to maturity (expressed as a bond equivalent, on the basis of a year of 365 days or 366 days, as applicable, and applied on a daily basis). "Calculation Date" shall mean the Interest Reset Date pertaining thereto. "Telerate Page 56" shall mean the display page so designated on the Dow Jones Telerate Service (or such other page as may replace that page or that service, or such other service as may be nominated by the information vendor, for the purpose of displaying rates or prices comparable to the Treasury Rate). The amount of interest for each day that the Notes are outstanding (the "Daily Interest Amount") will be calculated by dividing the Interest Rate in effect for such day by 365 (366 for each day in 1996) and multiplying the result by the principal amount of the Notes. The amount of interest to be paid on the Notes for each Interest Payment Period will be calculated by adding the Daily Interest Amounts for each day in the Interest Payment Period. In any case in which an Interest Payment Date (other than the Stated Maturity) is not a Business Day, payment of interest shall be made on the next succeeding Business Day and the Interest Payment Period scheduled to end on such Interest Payment Date shall end on such next succeeding Business Day. If the Maturity Date is not a Business Day, payment of principal and interest shall be made on the next succeeding Business Day and no interest will accrue for the period from and after the Maturity Date. The Interest Rate will in no event (i) be higher than the maximum rate permitted by New York law as the same may be modified by United States law of general application or (ii) be less than zero. The Interest Rate for each Calculation Period and the amount of interest to be paid on the Notes for each Interest Payment Period will be determined by the Reference Agent. All calculations made by the Reference Agent shall, in the absence of manifest error, be conclusive for all purposes and binding on Ford Credit and the holders of the Notes. So long as the Treasury Rate is required to be determined with respect to the Notes, there will at all times be a Reference Agent. In the event that any then acting Reference Agent shall be unable or unwilling to act, or that such Reference agent shall fail duly to establish the Treasury Rate for any Calculation Period or the Interest Rate for any Calculation Period, or that Ford Credit proposes to remove such Reference Agent, Ford Credit shall appoint itself or another person which is a bank, trust company, investment banking firm or other financial institution to act as the Reference Agent. -----END PRIVACY-ENHANCED MESSAGE-----