(Pricing Supplement No. 54 Dated April 19, 1994
To Prospectus and Prospectus Supplement
Dated December 1, 1993)
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. First Chicago
Capital Markets, Inc. has agreed to purchase $100,000,000 of the Notes at a
price of 100% of the principal amount for resale at prevailing market
prices. See the accompanying Prospectus and Prospectus Supplement for
further information regarding the Notes described in this Pricing
Supplement.
Issue Date: April 25, 1994
Stated Maturity: April 25, 1997
Principal Amount: $100,000,000
Interest Rate (a) For the period from and including
Calculation: the Issue Date to but excluding the
first Interest Reset Date, 4.00% per annum;
(b) for each Interest Period during the period
commencing with July 25, 1994 and ending with
April 25, 1996, a per annum rate equal to the
Treasury Rate (as hereinafter defined), plus
20 basis points (.20%); and (c) for the period
commencing with April 25, 1996 and ending on
Stated Maturity, 6.75% per annum.
Interest Reset Dates: The 25th day of the months of July, October,
January and April during the period commencing
with July 25, 1994 and ending with January 25,
1996.
Interest Payment Dates: The 25th day of the months April, July,
October and January during the period
commencing with July 25, 1994 and ending with
January 25, 1997 and at Stated Maturity.
Redemption: The Notes May be redeemed at Ford Credit's
option on April 25, 1996 as provided below.
Reference Agent: Chemical Bank
Redemption
The Notes may not be redeemed before April 25, 1996. On April 25,
1996, the Notes may be redeemed, as a whole but not in part, at the option
of Ford Credit, on not less than 10 days nor more than 60 days prior notice
given in the manner provided in the Indenture, at a Redemption Price equal
to 100% of the principal amount of the Notes redeemed, together with
interest thereon accrued to the Redemption Date. (See Article Eleven of the
Indenture.)
Treasury Rate
The "Treasury Rate" shall be determined by the Reference Agent and
shall mean, with respect to any Treasury Interest Determination Date, the
rate for the most recent auction of direct obligations of the United States
("Treasury bills") having an Index Maturity of 91 days as published in
H.15(519) under the heading "Treasury bills -- auction average (investment)"
as displayed on Telerate Page 56 (or any subsequent page which Telerate
chooses to display such information) as of 2:00 p.m. New York City time
under the heading "Average Investment Yield". In the event that either (i)
such rate is not displayed on Telerate Page 56 by 3:00 p.m., New York City
time on such Treasury Interest Determination Date, or (ii) no auction is
held for Treasury bills having an Index Maturity of 91 days in the week in
which such Treasury Interest Determination Date occurs, then the Treasury
Rate shall be calculated by the Reference Agent and shall be a yield to
maturity (expressed as a bond equivalent, rounded upwards, if necessary, to
the next higher one hundred-thousandth of a percentage point, on the basis
of a year of 365 or 366 days, as applicable, and applied on a daily basis)
of the arithmetic mean of the secondary market bid rates, as of 3:30 p.m.
New York City time, on such Treasury Interest Determination Date, of three
leading primary United States government securities dealers selected by the
Reference Agent, for the issue of Treasury bills with a remaining maturity
closest to an Index Maturity of 91 days; provided, however, that if dealers
selected as aforesaid by the Reference Agent are not quoting as mentioned in
this sentence, then the Treasury Rate shall be determined by the Reference
Agent on the next Business Day following such Treasury Interest
Determination Date on which the Treasury Rate can be determined by applying
the procedure for such determination as set forth above.
"Treasury Interest Determination Date" means, with respect to any
Interest Reset Date, the day occurring two Business Days prior to such
Interest Reset Date.
Interest on the Notes shall be calculated on the basis of the actual
number of days for which interest is being paid divided by the actual number
of days in the year (365 or 366 for a leap year).
