RULE 424(b)(2)
REGISTRATION NO. 33-56207
PRICING SUPPLEMENT NO. 66 TO PROSPECTUS DATED NOVEMBER 3, 1994
(As supplemented November 17, 1994)
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 February 5, 1999 February 5, 1996
Principal Amount: $25,000,000 Maturity Date:
February 5, 1999
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: Other (the CMT Rate, Interest Payment Dates:
as defined under the heading "Interest") Each February 5, May 5,
August 5 and November 5,
commencing May 5, 1996
Spread: Minus 85 basis points and ending on the
Maturity Date
Initial Interest Rate: 4.78 Interest Reset Dates:
The first day of each
Redemption Provisions: None Interest Reset Period
Commission or Discount (as a percentage Interest Reset Period:
of Principal Amount): 0.0% Quarterly, commencing
with and including each
Interest Determination Dates: Second Interest Payment Date,
Business Day next preceding each to, but excluding, the
Interest Reset Date immediately following
Interest Payment Date
CUSIP: 44922L Y42
CMT Maturity Index: 10 years 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.
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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 CMT Rate minus a
spread of 85 basis points.
"CMT Rate" means, with respect to each Interest
Determination Date, the rate displayed on the CMT Telerate Page
under the caption "...Treasury Constant Maturities" under the
column for the CMT Maturity Index. If such rate is no longer
displayed on the relevant page or is not displayed by 3:00 P.M.,
New York City time, on the related Calculation Date, then the CMT
Rate for such Interest Determination Date will be such treasury
constant maturity rate for the CMT Maturity Index as published in
the relevant H.15(519). If such rate is no longer published or is
not published by 3:00 P.M., New York City time, on the related
Calculation Date, then the CMT Rate on such Interest
Determination Date will be such treasury constant maturity rate
for the CMT Maturity Index (or other United States Treasury rate
for the CMT Maturity Index) 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 the CMT Telerate Page and published in the relevant H.15(519).
If such information is not provided by 3:00 P.M., New York City
time, on the related Calculation Date, then the CMT Rate on the
Interest Determination Date will be calculated by the Calculation
Agent and will be a yield to maturity, based on the arithmetic
mean of the secondary market closing offer side prices as of
approximately 3:30 P.M., New York City time, on such 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
(which may include the Agent or its affiliates) selected by the
Calculation Agent (from five such Reference Dealers selected by
the Calculation Agent 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
the most recently issued direct noncallable fixed rate
obligations of the United States ("Treasury Notes") with an
original maturity of approximately the CMT Maturity Index and a
remaining term to maturity of not less than such CMT Maturity
Index minus one year. If the Calculation Agent is unable to
obtain three such Treasury Note quotations, the CMT Rate on such
Interest Determination Date will be calculated by the Calculation
Agent and will be a yield to maturity based on the arithmetic
mean of the secondary market offer side prices as of
approximately 3:30 P.M., New York City time, on such Interest
Determination Date of three Reference Dealers in The City of New
York (from five such Reference Dealers selected by the
Calculation Agent and eliminating the highest quotation (or, in
the event of equality, one of
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the highest) and the lowest quotation (or, in the event of
equality, one of the lowest)), for Treasury Notes with an
original maturity of the number of years that is the next highest
to the CMT Maturity Index and a remaining term to maturity
closest to the CMT Maturity Index and in an amount of at least
$100 million. If three or four (and not five) of such Reference
Dealers are quoting as described above, then the CMT Rate will be
based on the arithmetic mean of the offer prices obtained and
neither the highest nor the lowest of such quotes will be
eliminated; provided however, that if fewer than three Reference
Dealers so selected by the Calculation Agent are quoting as
mentioned herein, the CMT Rate determined as of such Interest
Determination Date will be the CMT Rate in effect on such
Interest Determination Date. If two Treasury Notes with an
original maturity as described in the second preceding sentence
have remaining terms to maturity equally close to the CMT
Maturity Index, the Calculation Agent will obtain from five
Reference Dealers quotations for the Treasury Note with the
shorter remaining term to maturity.
"CMT Telerate Page" means the display on the Dow Jones
Telerate Service on page 7051 (or any other page as may
replace such page on that service for the purpose of displaying
Treasury Constant Maturities as reported in H.15(519)) for the
purpose of displaying Treasury Constant Maturities as reported in
H.15(519).
Interest on the Notes will be calculated based on a
year of 360 days consisting of twelve thirty-day months. 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 CS First Boston Corporation
for resale to one or more investors at a fixed public offering
price. After the initial public offering of the Notes, the public
offering price and any concession or discount may be changed.
Dated: January 31, 1996
