Rule 424(b)(3)
File Nos. 333-3835 and 333-3835-01
PRICING SUPPLEMENT NO. 20 DATED FEBRUARY 20, 1997
(To Prospectus Dated July 26, 1996, as Supplemented August 2, 1996)
COUNTRYWIDE HOME LOANS, INC.
MEDIUM-TERM NOTES, SERIES E
DUE NINE MONTHS OR MORE FROM DATE OF ISSUE
PAYMENT OF PRINCIPAL, PREMIUM, IF ANY,
AND INTEREST FULLY AND UNCONDITIONALLY GUARANTEED BY
COUNTRYWIDE CREDIT INDUSTRIES, INC.
FLOATING RATE NOTES
--------------------------------
Trade Date: February 20, 1997 Book Entry: [x]
Issue Price: 100% Certificated:[ ]
Original Issue Date: February 25, 1997 Principal Amount: $16,000,000
Stated Maturity Date: February 25, 2000 Net Proceeds: $15,944,000
Specified Currency: U.S. Dollars
Base [ ] Commercial [x] LIBOR [ ] Certificate of
Rate(s): Paper Telerate Page Deposit Rate
Rate 3750
[ ] Treasury Rate [ ] Federal Funds [ ] Prime Rate
Rate
[ ] CMT Rate [ ] Eleventh [ ] Other
District
Cost of Funds
Rate
Exchange Rate Agent: N/A
Minimum Denomination: $100,000 Maximum Interest Rate: N/A
Initial Interest 5.59266% Minimum Interest Rate: N/A
Rate:
Interest Two Business Days prior Interest Factor N/A
Determination Dates: to each Interest Payment Convention:
Date
Index Maturity: Three months
Interest Reset Dates: Same as Interest Spread (plus or plus 12
Payment Dates minus): basis points
Interest Payment Every February 25, May Spread Multiplier: N/A
Dates: 25, August 25 and Fixed Rate N/A
November 25, commencing Commencement Date:
May 25, 1997
Fixed Interest Rate: N/A
Agent: NationsBanc Capital
Markets, Inc.
Calculation Agent: The Bank of New York
Redemption: Repayment:
Check box opposite Check box opposite
applicable paragraph: applicable paragraph:
[x] The Notes cannot [x] The Notes cannot be
be redeemed prior to repaid prior to maturity.
maturity.
[ ] The Notes may be [ ] The Notes may be repaid
redeemed prior to prior to maturity.
maturity. Optional Repayment Dates:
Initial Redemption Date:
Initial Redemption Precentage:
Annual Redemption
Percentage Reduction,
if any:
Additional/Other N/A
Terms:
------------------------------
The Notes to which this Pricing Supplement relates will constitute
unsecured and unsubordinated indebtedness of CHL and will rank pari passu in
right of payment with CHL's other unsecured and unsubordinated indebtedness. As
of November 30, 1996, the Guarantor did not have any secured indebtedness
outstanding, and CHL had $304,849,000 aggregate principal amount of secured
indebtedness outstanding. As of such date, CHL had $5,526,615,000 aggregate
principal amount of unsecured and unsubordinated indebtedness outstanding, which
indebtedness ranked pari passu in right of payment with CHL's other unsecured
and unsubordinated indebtedness and will rank pari passu in right of payment
with the Notes to which this Pricing Supplement relates.
Rule 424(b)(3)
File Nos. 333-3835 and 333-3835-01
PRICING SUPPLEMENT NO. 21 DATED FEBRUARY 20, 1997
(To Prospectus Dated July 26, 1996, as Supplemented August 2, 1996)
COUNTRYWIDE HOME LOANS, INC.
MEDIUM-TERM NOTES, SERIES E
DUE NINE MONTHS OR MORE FROM DATE OF ISSUE
PAYMENT OF PRINCIPAL, PREMIUM, IF ANY,
AND INTEREST FULLY AND UNCONDITIONALLY GUARANTEED BY
COUNTRYWIDE CREDIT INDUSTRIES, INC.
FLOATING RATE NOTES
--------------------------------
Trade Date: February 20, 1997 Book Entry: [x]
Issue Price: 100% Certificated:[ ]
Original Issue Date: February 25, 1997 Principal Amount: $16,000,000
Stated Maturity Date: February 25, 2000 Net Proceeds: $15,944,000
Specified Currency: U.S. Dollars
Base [ ] Commercial [x] LIBOR [ ] Certificate of
Rate(s): Paper Telerate Page Deposit Rate
Rate 3750
[ ] Treasury Rate [ ] Federal Funds [ ] Prime Rate
Rate
[ ] CMT Rate [ ] Eleventh [ ] Other
District
Cost of Funds
Rate
Exchange Rate Agent: N/A
Minimum Denomination: $100,000 Maximum Interest Rate: N/A
Initial Interest 5.59266% Minimum Interest Rate: N/A
Rate:
Interest Two Business Days prior Interest Factor N/A
Determination Dates: to each Interest Payment Convention:
Date
Index Maturity: Three months
Interest Reset Dates: Same as Interest Spread (plus or plus 12
Payment Dates minus): basis points
Interest Payment Every February 25, May Spread Multiplier: N/A
Dates: 25, August 25 and Fixed Rate N/A
November 25, commencing Commencement Date
May 25, 1997
Fixed Interest Rate: N/A
Agent: J.P. Morgan Securities Inc.
Calculation Agent: The Bank of New York
Redemption: Repayment:
Check box opposite Check box opposite
applicable paragraph: applicable paragraph:
[x] The Notes cannot [x] The Notes cannot be
be redeemed prior to repaid prior to maturity.
maturity. Optional Repayment Dates:
[ ] The Notes may be [ ] The Notes may be repaid
redeemed prior to prior to maturity.
maturity. Optional Repayment Dates:
Initial Redemption Date:
Initial Redemption Percentage:
Annual Redemption,
Percentage Reduction
if any:
Additional/Other N/A
Terms:
------------------------------
The Notes to which this Pricing Supplement relates will constitute
unsecured and unsubordinated indebtedness of CHL and will rank pari passu in
right of payment with CHL's other unsecured and unsubordinated indebtedness. As
of November 30, 1996, the Guarantor did not have any secured indebtedness
outstanding, and CHL had $304,849,000 aggregate principal amount of secured
indebtedness outstanding. As of such date, CHL had $5,526,615,000 aggregate
principal amount of unsecured and unsubordinated indebtedness outstanding, which
indebtedness ranked pari passu in right of payment with CHL's other unsecured
and unsubordinated indebtedness and will rank pari passu in right of payment
with the Notes to which this Pricing Supplement relates.
Rule 424(b)(3)
File Nos. 333-3835 and 333-3835-01
PRICING SUPPLEMENT NO. 22 DATED FEBRUARY 20, 1997
(To Prospectus Dated July 26, 1996, as Supplemented August 2, 1996)
COUNTRYWIDE HOME LOANS, INC.
MEDIUM-TERM NOTES, SERIES E
DUE NINE MONTHS OR MORE FROM DATE OF ISSUE
PAYMENT OF PRINCIPAL, PREMIUM, IF ANY,
AND INTEREST FULLY AND UNCONDITIONALLY GUARANTEED BY
COUNTRYWIDE CREDIT INDUSTRIES, INC.
FLOATING RATE NOTES
--------------------------------
Trade Date: February 20, 1997 Book Entry: [x]
Issue Price: 100% Certificated:[ ]
Original Issue Date: February 25, 1997 Principal Amount: $17,000,000
Stated Maturity Date: February 25, 2000 Net Proceeds: $16,940,500
Specified Currency: U.S. Dollars
Base [ ] Commercial [x] LIBOR [ ] Certificate of
Rate(s): Paper Telerate Page Deposit Rate
Rate 3750
[ ] Treasury Rate [ ] Federal Funds [ ] Prime Rate
Rate
[ ] CMT Rate [ ] Eleventh [ ] Other
District
Cost of Funds
Rate
Exchange Rate Agent: N/A
Minimum Denomination: $100,000 Maximum Interest Rate: N/A
Initial Interest 5.59266% Minimum Interest Rate: N/A
Rate:
Interest Two Business Days prior Interest Factor N/A
Determination Dates: to each Interest Payment Convention:
Date
Index Maturity: Three months
Interest Reset Dates: Same as Interest Spread (plus or plus 12
Payment Dates minus): basis points
Interest Payment Every February 25, May Spread Multiplier: N/A
Dates: 25, August 25 and Fixed Rate N/A
November 25, commencing Commencement Date:
May 25, 1997
Fixed Interest Rate: N/A
Agent: Lehman Brothers Inc.
Calculation Agent: The Bank of New York
Redemption: Repayment:
Check box opposite Check box opposite
applicable paragraph: applicable paragraph:
[x] The Notes cannot [x] The Notes cannot be
be redeemed prior to repaid prior to maturity.
maturity:
[ ] The Notes may be [ ] The Notes may be repaid
redeemed prior to prior to maturity.
maturity. Optional Repayment Dates:
Initial Redemption Date:
Initial Redemption Percentage
Annual Redemption
Percentage Reduction,
if any:
Additional/Other N/A
Terms:
------------------------------
The Notes to which this Pricing Supplement relates will constitute
unsecured and unsubordinated indebtedness of CHL and will rank pari passu in
right of payment with CHL's other unsecured and unsubordinated indebtedness. As
of November 30, 1996, the Guarantor did not have any secured indebtedness
outstanding, and CHL had $304,849,000 aggregate principal amount of secured
indebtedness outstanding. As of such date, CHL had $5,526,615,000 aggregate
principal amount of unsecured and unsubordinated indebtedness outstanding, which
indebtedness ranked pari passu in right of payment with CHL's other unsecured
and unsubordinated indebtedness and will rank pari passu in right of payment
with the Notes to which this Pricing Supplement relates.
Rule 424(b)(3)
File Nos. 333-3835 and 333-3835-01
PRICING SUPPLEMENT NO. 23 DATED FEBRUARY 20, 1997
(To Prospectus Dated July 26, 1996, as Supplemented August 2, 1996)
COUNTRYWIDE HOME LOANS, INC.
MEDIUM-TERM NOTES, SERIES E
DUE NINE MONTHS OR MORE FROM DATE OF ISSUE
PAYMENT OF PRINCIPAL, PREMIUM, IF ANY,
AND INTEREST FULLY AND UNCONDITIONALLY GUARANTEED BY
COUNTRYWIDE CREDIT INDUSTRIES, INC.
FLOATING RATE NOTES
--------------------------------
Trade Date: February 20, 1997 Book Entry: [x]
Issue Price: 100% Certificated:[ ]
Original Issue Date: February 25, 1997 Principal Amount: $17,000,000
Stated Maturity Date: February 25, 2000 Net Proceeds: $16,940,500
Specified Currency: U.S. Dollars
Base [ ] Commercial [x] LIBOR [ ] Certificate of
Rate(s): Paper Telerate Page Deposit Rate
Rate 3750
[ ] Treasury Rate [ ] Federal Funds [ ] Prime Rate
Rate
[ ] CMT Rate [ ] Eleventh [ ] Other
District
Cost of Funds
Rate
Exchange Rate Agent: N/A
Minimum Denomination: $100,000 Maximum Interest Rate: N/A
Initial Interest 5.59266% Minimum Interest Rate: N/A
Rate:
Interest Two Business Days prior Interest Factor N/A
Determination Dates: to each Interest Payment Convention:
Date
Index Maturity: Three months
Interest Reset Dates: Same as Interest Spread (plus or plus 12
Payment Dates minus): basis points
Interest Payment Every February 25, May Spread Multiplier: N/A
Dates: 25, August 25 and Fixed Rate N/A
November 25, commencing Commencement Date:
May 25, 1997
Fixed Interest Rate: N/A
Agent: Goldman, Sachs and Company
Calculation Agent: The Bank of New York
Redemption: Repayment:
Check box opposite Check box opposite
applicable paragraph: applicable paragraph:
[x] The Notes cannot [x] The Notes cannot be
be redeemed prior to repaid prior to maturity.
maturity.
[ ] The Notes may be [ ] The Notes may be repaid
redeemed prior to prior to maturity.
maturity. Optional Repayment Dates:
Initial Redemption Date:
Initial Redemption Percentage:
Annual Redemption
Percentage Reduction,
if any:
Additional/Other N/A
Terms:
------------------------------
The Notes to which this Pricing Supplement relates will constitute
unsecured and unsubordinated indebtedness of CHL and will rank pari passu in
right of payment with CHL's other unsecured and unsubordinated indebtedness. As
of November 30, 1996, the Guarantor did not have any secured indebtedness
outstanding, and CHL had $304,849,000 aggregate principal amount of secured
indebtedness outstanding. As of such date, CHL had $5,526,615,000 aggregate
principal amount of unsecured and unsubordinated indebtedness outstanding, which
indebtedness ranked pari passu in right of payment with CHL's other unsecured
and unsubordinated indebtedness and will rank pari passu in right of payment
with the Notes to which this Pricing Supplement relates.
Rule 424(b)(3)
File Nos. 333-3835 and 333-3835-01
PRICING SUPPLEMENT NO. 24 DATED FEBRUARY 20, 1997
(To Prospectus Dated July 26, 1996, as Supplemented August 2, 1996)
COUNTRYWIDE HOME LOANS, INC.
MEDIUM-TERM NOTES, SERIES E
DUE NINE MONTHS OR MORE FROM DATE OF ISSUE
PAYMENT OF PRINCIPAL, PREMIUM, IF ANY,
AND INTEREST FULLY AND UNCONDITIONALLY GUARANTEED BY
COUNTRYWIDE CREDIT INDUSTRIES, INC.
FLOATING RATE NOTES
--------------------------------
Trade Date: February 20, 1997 Book Entry: [x]
Issue Price: 100% Certificated:[ ]
Original Issue Date: February 25, 1997 Principal Amount: $17,000,000
Stated Maturity Date: February 25, 2000 Net Proceeds: $16,940,500
Specified Currency: U.S. Dollars
Base [ ] Commercial [x] LIBOR [ ] Certificate of
Rate(s): Paper Telerate Page Deposit Rate
Rate 3750
[ ] Treasury Rate [ ] Federal Funds [ ] Prime Rate
Rate
[ ] CMT Rate [ ] Eleventh [ ] Other
District
Cost of Funds
Rate
Exchange Rate Agent: N/A
Minimum Denomination: $100,000 Maximum Interest Rate: N/A
Initial Interest 5.59266% Minimum Interest Rate: N/A
Rate:
Interest Two Business Days prior Interest Factor N/A
Determination Dates: to each Interest Payment Convention:
Date
Index Maturity: Three months
Interest Reset Dates: Same as Interest Spread (plus or plus 12
Payment Dates minus): basis points
Interest Payment Every February 25, May Spread Multiplier: N/A
Dates: 25, August 25 and Fixed Rate N/A
November 25, commencing Commencement Date:
May 25, 1997
Fixed Interest Rate: N/A
Agent: Salomon Brothers Inc
Calculation Agent: The Bank of New York
Redemption: Repayment:
Check box opposite Check box opposite
applicable paragraph: applicable paragraph:
[x] The Notes cannot [x] The Notes cannot be
be redeemed prior to repaid prior to maturity.
maturity.
[ ] The Notes may be [ ] The Notes may be repaid
redeemed prior to prior to maturity.
maturity. Optional Repayment Dates:
Initial Redemption Date:
Initial Redemption Percentage:
Annual Redemption
Percentage Reduction
if any:
Additional/Other N/A
Terms:
------------------------------
The Notes to which this Pricing Supplement relates will constitute
unsecured and unsubordinated indebtedness of CHL and will rank pari passu in
right of payment with CHL's other unsecured and unsubordinated indebtedness. As
of November 30, 1996, the Guarantor did not have any secured indebtedness
outstanding, and CHL had $304,849,000 aggregate principal amount of secured
indebtedness outstanding. As of such date, CHL had $5,526,615,000 aggregate
principal amount of unsecured and unsubordinated indebtedness outstanding, which
indebtedness ranked pari passu in right of payment with CHL's other unsecured
and unsubordinated indebtedness and will rank pari passu in right of payment
with the Notes to which this Pricing Supplement relates.
Rule 424(b)(3)
File Nos. 333-3835 and 333-3835-01
PRICING SUPPLEMENT NO. 25 DATED FEBRUARY 20, 1997
(To Prospectus Dated July 26, 1996, as Supplemented August 2, 1996)
COUNTRYWIDE HOME LOANS, INC.
MEDIUM-TERM NOTES, SERIES E
DUE NINE MONTHS OR MORE FROM DATE OF ISSUE
PAYMENT OF PRINCIPAL, PREMIUM, IF ANY,
AND INTEREST FULLY AND UNCONDITIONALLY GUARANTEED BY
COUNTRYWIDE CREDIT INDUSTRIES, INC.
FLOATING RATE NOTES
--------------------------------
Trade Date: February 20, 1997 Book Entry: [x]
Issue Price: 100% Certificated:[ ]
Original Issue Date: February 25, 1997 Principal Amount: $17,000,000
Stated Maturity Date: February 25, 2000 Net Proceeds: $16,940,500
Specified Currency: U.S. Dollars
Base [ ] Commercial [x] LIBOR [ ] Certificate of
Rate(s): Paper Telerate Page Deposit Rate
Rate 3750
[ ] Treasury Rate [ ] Federal Funds [ ] Prime Rate
Rate
[ ] CMT Rate [ ] Eleventh [ ] Other
District
Cost of Funds
Rate
Exchange Rate Agent: N/A
Minimum Denomination: $100,000 Maximum Interest Rate: N/A
Initial Interest 5.59266% Minimum Interest Rate: N/A
Rate:
Interest Two Business Days prior Interest Factor N/A
Determination Dates: to each Interest Payment Convention:
Date
Index Maturity: Three months
Interest Reset Dates: Same as Interest Spread (plus or plus 12
Payment Dates minus): basis points
Interest Payment Every February 25, May Fixed Rate N/A
Dates: 25, August 25 and Commencement Date:
November 25, commencing
May 25, 1997
Fixed Interest Rate: N/A
Agent: Merrill Lynch & Co.
Calculation Agent: The Bank of New York
Redemption: Repayment:
Check box opposite Check box opposite
applicable paragraph: applicable paragraph:
[x] The Notes cannot [x] The Notes cannot be
be redeemed prior to repaid prior to maturity.
maturity.
[ ] The Notes may be [ ] The Notes may be repaid
redeemed prior to prior to maturity.
maturity. Optional Repayment Dates:
Initial Redemption Dates:
Initial Redemption Percentage:
Annual Redemption
Percentage Reduction,
if any:
Additional/Other N/A
Terms:
------------------------------
The Notes to which this Pricing Supplement relates will constitute
unsecured and unsubordinated indebtedness of CHL and will rank pari passu in
right of payment with CHL's other unsecured and unsubordinated indebtedness. As
of November 30, 1996, the Guarantor did not have any secured indebtedness
outstanding, and CHL had $304,849,000 aggregate principal amount of secured
indebtedness outstanding. As of such date, CHL had $5,526,615,000 aggregate
principal amount of unsecured and unsubordinated indebtedness outstanding, which
indebtedness ranked pari passu in right of payment with CHL's other unsecured
and unsubordinated indebtedness and will rank pari passu in right of payment
with the Notes to which this Pricing Supplement relates.