Rule 424(b)(3)
File No. 33-50661
PRICING SUPPLEMENT NO. 6 DATED FEBRUARY 17, 1994
(To Prospectus Dated October 29, 1993 as Supplemented October 29, 1993)
COUNTRYWIDE FUNDING CORPORATION
Medium-Term Notes, Series C
Due from 9 months to 30 years from Date of Issue
Payment of the Principal, Premium, if any,
and Interest on the Notes is Unconditionally
Guaranteed by
COUNTRYWIDE CREDIT INDUSTRIES, INC.
Floating-Rate Notes
- - - - - - - - - -
Trade Date: February 17, 1994
Issue Price: 100%
Original Issue Date: March 9, 1994
Total Amount of OID: N/A
Initial Accrual Period OID: N/A
Yield to Maturity N/A
Stated Maturity Date: March 9, 2001
Book-Entry: [x]
Certificated: [ ]
Specified Currency: U.S. Dollars
Base Rate: [ ] Commercial paper Rate [ ] LIBOR
[ ] Certificate of Deposit Rate
[ ] Treasury Rate [ ] Federal Funds Rate [ ] Prime Rate
[x] Other - Treasury Constant Maturity ("CMT Rate")
Exchange Rate Agent: N/A
Minimum Denomination: $100,000
Initial Interest Rate: 4.58% (4.48% + 10 bps)
Interest Determination Dates: Two Business Days prior to the Interest
Reset Date.
Interest Reset Dates: Same as Interest Payment Dates
Interest Payment Dates: Every 3/9, 6/9, 9/9 and 12/9 until maturity.
Index Maturity: 2 years
Maximum Interest Rate: N/A
Minimum Interest Rate: N/A
Spread (plus or minus): Plus 10 bps (bps = basis points)
Spread Multiplier: N/A
Calculation Agent: The Bank of New York
Calculation Date: N/A
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Redemption:
Check box opposite applicable paragraph.
[x] The Notes cannot be redeemed prior to maturity.
[ ] The Notes may be redeemed prior to maturity.
Initial Redemption Date: N/A
Initial Redemption Percentage: N/A
Annual Redemption Percentage N/A
Reduction:
Special Redemption Provisions: N/A
Additional Terms: (i) The CMT Rate for the Interest Reset Date (as
defined above) will be the rate displayed on Telerate Page 7059 for
"Daily Treasury Constant Maturities. . . Federal Reserve Board Release
H.15. . . Mondays approximately 3.45 p.m. EDT," under the heading
"2 year" for the last Business Day in the "Current Week" as of the
applicable Interest Determination Date (as defined above) or such other
page as may replace that page on such service for the purpose of
displaying rates or prices comparable to the CMT Rate, as determined by
the Calculation Agent. If such rate is no longer displayed, then the CMT
Rate for such Interest Reset Date will be such 2-year Treasury Constant
Maturity rate (or other 2-year United States Treasury Rate) for the
Interest Determination Date with respect to such Interest Reset Date as
may then be published by either the Board of Governors of the Federal
Reserve System or the United States Department of the Treasury that the
Calculation Agent determines to be comparable to the rate formerly
displayed on Telerate Page 7059 and published in the Federal Reserve
Board Statistical Release H.15(519).
(ii) If such information is not provided, then the CMT Rate for the
Interest Reset Date will be calculated by Lehman Brothers Special
Financing Inc. ("LBSF") and provided to the Calculation Agent and will
be a yield to maturity, based on the arithmetic mean of the secondary
market closing bid side prices as of approximately 3:30 p.m. (New York
City time) on the Interest Determination Date reported, according to
their written records, by three leading primary United States government
securities dealers (each, a "Reference Dealer") in The City of New York
selected by LBSF, for the most recently issued direct noncallable fixed
rate obligations of the United States ("Treasury Note") with an original
maturity of approximately two years and a remaining term to maturity of
not less than one year.
(iii) If LBSF cannot obtain three such Treasury Note quotations as
described in clause (ii), the CMT Rate for such Interest Reset Date will
be calculated by LBSF and will be a yield to maturity based on the
arithmetic mean of the secondary market bid side prices as of
approximately 3:30 p.m. (New York City time) on the Interest Determination
Date of three Reference Dealers in The City of New York (from five such
Reference Dealers selected by LBSF) and eliminating the highest quotation
(or, in the event of equality, one of the highest) and the lowest quotation
(or, in the event of equality, one of the lowest), for Treasury Notes with
an original maturity of approximately thirty years and a remaining term to
maturity closest to two years. If three or four (and not five) of such
Reference Dealers are quoting as described in
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this clause (iii), then the CMT Rate will be based on the arithmetic mean
of the bid prices obtained and neither the highest nor lowest of such
quotes will be eliminated.
(iv) If fewer than three Reference Dealers selected by LBSF are quoting
as described in clause (iii), the CMT Rate will be the CMT Rate in effect
on the preceding Interest Reset Date.
In the case of clause (iii), if two Treasury Notes with an original
maturity of approximately thirty years have remaining terms to maturity
equally close to two years, the quotes for the Treasury Note with the
shorter remaining term to maturity will be used.
