RULE 424(b)(2)
REGISTRATION NO. 33-49411
PRICING SUPPLEMENT NO. 54 TO PROSPECTUS DATED APRIL 16, 1993
(As supplemented August 17, 1993)
IBM CREDIT CORPORATION
MEDIUM-TERM NOTES
(Floating Rate Note)
(Due from 9 months to 30 years from date of issue)
Designation: Floating Rate Original Issue Date:
Medium-Term Notes Due September 28, 1994
September 29, 1995
Principal Amount: $100,000,000 Maturity Date:
September 29, 1995
Issue Price (as a percentage of Regular Record Dates:
Principal Amount): 100% Fifteenth calendar day
(whether or not a
Business Day) prior to
the corresponding
Interest Payment Date
Interest Rate Base: Commercial Interest Determination Dates:
Paper Second Business Day preceding
the Original Issue Date and
each relevant Interest Reset
Date
Spread: Minus 7 basis points
Initial Interest Rate: Commercial
Paper Rate minus 7 basis points
Commission or Discount (as a Interest Reset Dates:
percentage of Principal September 29, 1994 and each
Amount): 0.2% Business Day thereafter,
through the Maturity Date
Interest Payment Dates: Interest Reset Period:
October 31, 1994, November 29, Daily, commencing with and
1994, December 29, 1994, including each Interest Reset
January 30, 1995, February 28, Date, to, but excluding, the
1995, March 29, 1995, April 28, immediately following Interest
1995, May 30, 1995, June 29, Reset Date (or any such daily
1995, July 31, 1995, August 29, period after the Maturity Date
1995 and September 29, 1995
Redemption Provisions:
None
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Index Maturity: 1 month Form: [X] Book-Entry
[ ] Certificated
This Pricing Supplement supplements and, to the extent
inconsistent therewith, amends the description of the Notes
referred to above in the accompanying Prospectus Supplement
and Prospectus.
<PAGE>3
INTEREST
The Notes will bear interest at a rate reset on the
Interest Reset Dates specified above. The interest rate in
effect from the Original Issue Date to the first Interest
Reset Date with respect to the Notes will be the Initial
Interest Rate. Thereafter, the interest rate per annum on the
Notes for each Interest Reset Period will be determined as the
Commercial Paper Rate minus a Spread of 7 basis points.
Interest on the Notes will be calculated based on
the actual number of days elapsed over a year of 360 days.
The initial Calculation Agent with respect to the Notes will
be The Chase Manhattan Bank (National Association).
If any Interest Payment Date or any Interest Reset
Date would otherwise be a day that is not a Business Day, such
date will be postponed to the next day that is a Business Day.
For purposes of the offering made hereby, "Business Day" as
used herein and in the accompanying Prospectus Supplement
means any day on which commercial banks and foreign exchange
markets settle payments in The City of New York. Capitalized
terms used but not defined herein have the meanings assigned
in the accompanying Prospectus Supplement and Prospectus.
PLAN OF DISTRIBUTION
The Notes will be sold to Morgan Stanley & Co.
Incorporated for resale to one or more investors at the Issue
Price set forth above. After the initial offering of the
Notes, the public offering price and any concession or
discount may be changed.
Dated: September 23, 1994.
