Pricing Supplement No. 20 Dated February 8, 1994
(To Prospectus and Prospectus Supplement Rule 424(b)(3)
each Dated December 1, 1993) 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 $250,000,000 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. Merrill Lynch &
Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated has agreed to
purchase $250,000,000 of the Notes at a price of 99.65% 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.
Issue Date: February 15, 1994
Principal Amount: $250,000,000
Interest Rate Basis: (a) For the period from and including February
15, 1994 to but excluding the first Interest
Reset Date, 4.23% per annum and (b) for each
Interest Period thereafter, the Treasury Rate
(determined in the manner set forth below) minus
20 basis points (0.20%).
Interest Reset Dates: The 15th day of the months of February, May,
August and November during the period commencing
May 15, 1994 and ending November 15, 1998.
Interest Payment Dates: The 15th day of the months of February, May,
August and November during the period commencing
May 15, 1994 and ending November 15, 1998 and
at Stated Maturity.
Stated Maturity: February 15, 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 3:00 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.
(iii) 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 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, February 15, 1994, to but excluding the next succeeding Interest
Reset Date and in the case of the last such period, the Interest Reset Date
occuring in November, 1998 to and including February 14, 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.
MERRILL LYNCH & CO.
