Pricing Supplement No. 41 Dated March 24, 1994
(To Prospectus and Prospectus Supplement
Dated December 1, 1993)
U.S. $3,000,000,000 Rule 424 (b)(3)
FORD MOTOR CREDIT COMPANY Registration No.
33-51075
Medium-Term Notes Due from 9 Months to 30 Years
from Date of Issue
Ford Motor Credit Company has designated $50,000,000
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. Goldman, Sachs & Co. have agreed to purchase $50,000,000 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: March 30, 1994
Principal Amount: $50,000,000
Interest Rate Basis: (a) For the period from and
including March 30, 1994 to but
excluding the first Interest
Reset Date, 4.89% per annum and (b)
for each Interest Period thereafter,
the Treasury Rate (determined in the
manner set forth below) minus 17
basis points (0.17%).
Interest Reset Dates: The 30th day of the months of June,
September, December and March during
the period commencing June 30, 1994 and
ending December 30, 1998.
Interest Payment Dates: The 30th day of the months of March,
June, September and December during the
period commencing June 30, 1994 and
ending December 30, 1998 and at Stated
Maturity.
Stated Maturity: March 30, 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:
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(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, March
30, 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 December, 1998 to and including March 29, 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.
<PAGE>
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.
GOLDMAN, SACHS & CO.
