Rule 424(b)(3)
Registration No. 333-26211
PRICING SUPPLEMENT NO. 28 TO PROSPECTUS DATED JUNE 27, 1997
IBM CREDIT CORPORATION
MEDIUM-TERM NOTES
(Floating Rate Note)
(Due from 9 months to 30 years from date of issue Issue)
Designation: Floating Rate Original Issue Date:
Medium-Term Notes Due November 14, 1997
November 16, 1998
Principal Amount: $75,000,000 Maturity Date:
November 16, 1998
Issue Price (as a percentage of Regular Record Dates:
Principal Amount): 100.00% Fifteenth calendar day, whether or not
a Business Day, immediately preceding
the corresponding Interest Payment
Date.
Interest Rate Base: Weekly avg.
3 month T-Bills as set in the
Federal Reserve Board H.15 as
reported on Telerate P.56 under
the heading "Average Investment
Yield".
Interest Determination Dates:
Spread: Plus 58 basis points The Business Day next preceding each
relevant Interest Reset Date and the
Original Issue Date.
Initial Interest Rate: The Interest Reset Dates:
T-bills rate plus a spread of 58 Each Tuesday following the Original
basis points, calculated as if Issue Date. Rate Cutoff date will be
the Original Issue Date were an 2 New York Business Days.
Interest Reset Date.
Commission or discount (as a Interest Reset Period:
percentage of Principal Weekly.
amount): 0%
Interest Payment Dates:
February 16, 1998, May 16, 1998,
August 16, 1998 and at Maturity.
Redemption Provision: N/A CUSIP: 449 22L 4Y9
Form: [X] Book-Entry
[ ] Certified
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.
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 anum on the
Notes for each Interest Reset Period will be determined as the T-bill Rate
plus a spread of 58.0 basis points.
Interest on the Notes will be calculated based on the actual number of
days elapsed over a year of 365 days. The initial Calculation Agent with
respect to the Notes will be The Chase Manhattan Bank.
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 each 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 Goldman Sachs 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: November 13, 1997
