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Pricing Supplement No. 34 Dated March 11, 1994
(To Prospectus and Prospectus Supplement
Dated December 1, 1993)
Rule 424(b)(3)
Registration No.
33-51075
U.S. $3,000,000,000
FORD MOTOR CREDIT COMPANY
Medium-Term Notes Due from 9 Months to
30 Years from Date of Issue
Ford Motor Credit Company has designated $100,000,000 aggregate
principal amount of its Medium-Term Notes Due from 9 Months to 30 Years from
Date of Issue having the specific terms set forth below. CS First Boston
Corporation has agreed to purchase $100,000,000 of the Notes at a price of 100%
of the principal amount for resale at an initial public offering price of 100%
of the principal amount. After the initial public offering, the public
offering price may be changed. See the accompanying Prospectus and Prospectus
Supplement for further information regarding the Notes described in the Pricing
Supplement.
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Issue Date: March 23, 1994
Principal Amount: $100,000,000
Interest Rate Basis: (a) For the period from and
including March 23, 1994 to but
excluding the first Interest
Reset Date, the Treasury Rate
(as determined on the Business Day
preceding the Issue Date in the
manner set forth below) minus 18
basis points (0.18%), and
(b) for each Interest Period
thereafter, the Treasury Rate
(determined in the manner set forth
below) minus 18 basis points
(0.18%).
Interest Reset Dates: The 23rd day of the months of
March, June, September and December
during the period commencing June
23, 1994 and ending December 23,
1998.
Interest Payment Dates: The 23rd day of the months of
March, June, September and December
during the period commencing June
23, 1994 and ending December 23,
1998, and at Stated Maturity.
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Stated Maturity: March 23, 1999.
Reference Agent: Chemical Bank
The "Treasury Rate" means, with respect to any Treasury Interest
Determination Date (as hereinafter defined) and the related Interest Reset
Date:
(i) The rate for two-year U. S. Treasury securities at "constant maturity" as
estimated from the U. S. Department of the Treasury's weekly yield curve, which
is set forth in the most recently published Federal Reserve weekly publication
H.15(519) under the caption "This Week" and opposite the caption "Treasury
Constant Maturities," as displayed on the Telerate Page 7052 (as hereinafter
defined) [WEEKLY AVG YIELDS ON TREASURY CONSTANT MATURITIES] [FEDERAL RESERVE
BOARD RELEASE H. 15 MONDAY'S APPROX. 3:45 EST] under the column titled "2 YR"
and column titled "Week End" on the row dated as of the last Business Day of
the week immediately preceding the Treasury Interest Determination Date with
respect to such Interest Reset Date.
(ii) If the Treasury Rate as described in clause (i) above is not yet
displayed on the Telerate Page 7052 by 4:00 p.m. New York City Time on the
Calculation Date pertaining to such Treasury Interest Determination Date, then
the Treasury Rate shall be the rate for two-year U. S. Treasury securities at
"constant maturity" as estimated from the U. S. Department of the Treasury's
weekly yield curve, which is set forth in the most recently published Federal
Reserve weekly publication H.15(519) under the caption "This Week" and opposite
the caption "Treasury Constant Maturities," for the week immediately preceding
such Treasury Interest Determination Date.
(iii) If the Treasury Rate as described in clause (ii) above is not yet
published by 4:00 p.m. New York City Time on the Calculation Date pertaining to
such Treasury Interest Determination Date, then the Treasury Rate shall be the
average rate for the week immediately preceding such Treasury Interest
Determination Date as calculated by the Reference Agent by the interpolation
from a yield curve for 1, 2 and 3 year U. S. Treasury bills/notes using
standard established industry practice from closing bid prices reported to the
Reference Agent by three leading government securities dealers selected by the
Reference Agent.
(iv) If fewer than three dealers selected as aforesaid by the Reference Agent
are quoting as described in (ii) above, the Treasury Rate will be the Treasury
Rate in effect on the immediately preceding Interest Reset Date.
The "Treasury Interest Determination Date" with respect to an
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Interest Reset Date will be the Business Day immediately preceding such
Interest Reset Date. The "Calculation Date" pertaining to a Treasury Interest
Determination Date will be the tenth calendar day after such Treasury Interest
Determination Date. "Telerate Page 7052" means the display page so designated
on the Dow Jones Telerate Service (or such other page as may replace that page
on that service, or such other service as may be nominated as the information
vendor, for the purpose of displaying rates or prices comparable to the
Treasury Rate). "Interest Period" shall mean the period from and including an
Interest Reset Date, or in the case of the first such period, from and
including Issue Date, to but excluding the next succeeding Interest Reset Date
and in the case of the last such period, the Interest Reset Date occuring in
December, 1998 to and including March 22, 1999. If any Interest Reset Date or
Interest Payment Date (other than the Stated Maturity) would otherwise be a day
that is not a Business Day, such Interest Reset Date or Interest Payment Date
(other than the Stated Maturity), as the case may be, shall be the next
succeeding Business Day.
The amount of interest for each day that the Notes are outstanding (the
"Daily Interest Amount") will be calculated by dividing the Treasury Rate in
effect for such day by 365 (366 for each day in 1996) and multiplying the
result by the principal amount of the Notes. The amount of interest to be paid
on the Notes for each Interest Period will be calculated by adding the Daily
Interest Amounts for each day in the Interest Period.
CS FIRST BOSTON
