PROSPECTUS and PRICING SUPPLEMENT NO. 34
PROSPECTUS SUPPLEMENT, each effective at 1:45 pm ET
Dated August 6, 1993 Dated June 21, 1995
Commission File No.: 33-66082
Filed pursuant to Rule 424(b)(3)
U.S. $168,850,000
JOHN DEERE CAPITAL CORPORATION
MEDIUM-TERM NOTES, SERIES B
due from 9 Months to 30 Years from Date of Issue
(Floating Rate Notes)
Original Issue Date: 26 June 1995
Maturity Date: 19 June 1998
Issue Price: 100%
Issue Size: $25,000,000
Proceeds: $24,937,500
Floating Rate Basis: Federal Funds Rate (as defined below)
Spread: 25 basis points (0.25%)
Initial Interest Determination Date: 23 June 1995
Day Count Convention: Actual/360
Interest:
Interest on the Notes will be payable on the twentieth day of March,
June, Septembe rand December (each an "Interest Payment Date"), commencing
September 20, 1995. Any payment of principal or interest required to be
made on a day that is not a Business Day need not be made on such day,
but may be made on the next succeeding Business Day with the same force
and effect as if made on such day and no interest shall accrue as a result
of such delayed payment. Interest payable on each Interest Payment Date
will include interest accrued from and including June 26, 1995 or from
and including the most recent Interest Payment Date to which interest
has been paid, as the case may be, to but excluding such Interest Payment
Date. Interest payable on any Interest Payment Date will be payable
to the registered holders at the close of business on the fifteenth day
(whether or not a Business Day) preceding such Interest Payment Date.
The interest rate on the Notes will be payable at a floating rate
that will be subject to daily adjustment and will be a per annum rate
equal to the Federal Funds Rate (determined as described below) plus
a spread of .25% Each day on which the interest rate is adjusted is
referred to herein as a "Reset Date". The "Interest Determination Date"
pertaining to a Reset Date will be the Business Day preceding such
Reset Date. The first Reset Date will be June 26, 1995, using an
Interest Determination Date of June 23, 1995.
"Federal Funds Rate" means, with respect to any Interest Determination
Date, the rate on that day for federal funds as published in H.15(519)
under the heading "Federal Funds ("Effective") or, if not so published
by 3:30 P.M., New York City time, on the Calculation Date pertaining
to such Interest Determination Date, the rate on such Interest
Determination Date as published in Composite Quotations under the heading
"Federal Funds/Effective Rate". If, by 3:30 P. M., New York City time,
on the Calculation Date pertaining to such Interest Determination Date
such rate is not yet published in either H.15(519) or Composite Quotations,
the Federal Funds Rate for such Interest Determination Date will be
calculated by the Calculation Agent and will be the arithmetic mean of
the rates for the last transaction in overnight federal funds arranged
by three leading dealers of federal funds transactions in the City of New
York, which dealers have been selected by the Calculation Agent
(after consultation with the Capital Corporation, if the Capital
Corporation is not then acting as Calculation Agent), as of 9:00 A. M.,
New York City time, on such Interest Determination Date; provided,
however, that if the dealers selected as aforesaid by the Calculation
Agent are not quoting as mentioned in this sentence, the Federal Funds
Rate for the period commencing on the Reset Date following such Interest
Determination Date will be the Federal Funds Rate in effect on such
Interest Determination Date.
"Business Day" means any day other than a Saturday or a Sunday or a
day on which banking institutions are generally authorized or obligated
by law or by executive order to close in The City of New York.
"Calculation Agent" will be the Capital Corporation or a bank or
broker-dealer designated by the Capital Corporation.
"Calculation Date" means, with respect to an Interest Determination Date,
the Business Day preceding the applicable Interest Payment Date.
Accrued interest on any Note from June 26, 1995 or the preceding
Interest Payment Date, as the case may be, is calculated by multiplying
the principal amount of such Note by an accrued interest factor.
This accrued interest factor is computed by adding the interest factor
calculated for each day from June 26, 1995 or the preceding Interest
Payment Date, as the case may be, to but excluding the date for which
accrued interest is being calculated. The interest factor (expressed
as a decimal rounded, if necessary, to the nearest one ten-millionth
of one percentage point, with five one hundred-millionths of one
percentage point rounded upwards) for each such day is computed by
dividing the interest rate (expressed as a decimal rounded, if necessary, to
the nearest one hundred-thousandth of one percentage point, with five
one-millionths of one percentage point rounded upwards) applicable to
such date by 360. The amount of interest payable on any Note on any
Interest Payment Date will be equal to the amount of accrued interest
to but excluding such Interest Payment Date determined using the
applicable accrued interest factor.
The interest rate on the Notes will in no event be higher than the
maximum rate permitted by New York law as the same may be modified
by United States law of general application. Under present New York
law, the maximum rate of interest is 25% per annum on a simple interest
basis. This limit may not apply to Notes in which $2,5000,000 or more has
been invested.
J. P. Morgan Securities Inc.
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