Pricing Supplement No. 24 Dated June 29, 1994
(To Prospectus and Prospectus Supplement Dated May 4, 1994)
Rule 424(b)(3)
Registration
Statement No.
33-53101
U.S. $6,000,000,000
FORD MOTOR CREDIT COMPANY
Medium-Term Notes Due from 9 Months to 30 Years from Date of Issue
Ford Motor Credit Company ("Ford Credit") has designated $30,000,000
aggregate principal amount of its Medium-Term Notes Due from 9 Months to 30
Years from Date of Issue having specific terms set forth below, for sale at a
price of 100% of the principal amount. See the accompanying Prospectus and
Prospectus Supplement for further information regarding the Notes described
in the Pricing Supplement.
Issue Date: July 8, 1994
Stated Maturity: July 8, 1996
Principal Amount: $30,000,000
Interest Rate (a) For the period from and including the Issue
Calculation: Date to but excluding the first Interest Reset
Date, 5.87% per annum.
(b) For each Interest Period thereafter, the
Interest Rate shall equal the Five-Year Swap
Rate less 135 basis points (1.35%). The Five-
Year Swap Rate shall be determined in the
manner described below.
Interest Reset Dates: The 8th day of the months of January, April,
July and October during the period commencing
October 8, 1994 and ending April 8, 1996.
Interest Payment Dates: The 8th day of the months of January, April,
July and October during the period commencing
October 8, 1994 and ending April 8, 1996, and
at Stated Maturity.
Reference Agent: Chemical Bank
MERRILL LYNCH & CO.
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The "Five-Year Swap Rate" means with respect to each Interest
Determination Date and the related Interest Reset Date:
(i) The five-year mid-market swap rate for U.S. Dollar
interest rate swaps with a term of five years determined by the
Reference Agent by averaging the two rates displayed as of 2:00
p.m. New York City time on Telerate Page 42276, which Telerate
Page 42276 shall be dated the date of such Interest Determination
Date, under the column titled "RATE" in the row titled "FIVE-YEAR"
on the Interest Determination Date with respect to such Interest
Reset Date.
(ii) If the rates set forth above are not displayed on
Telerate Page 42276 by 3:00 p.m., New York City time on such
Interest Determination Date, then the Five-Year Swap Rate shall
be the average, as calculated by the Reference Agent, of the two
rates displayed on Telerate Page 19901 at 3:30 p.m., New York
City time, under the column titled "SA 30/360" in the row
titled "5Y".
(iii) If the quotations specificed in clause (ii) above are
not displayed on Telerate Page 19901 at 3:30 p.m. New York City
time on such Interest Determination Date, then the Five-Year Swap
Rate shall be the sum of (a) the average, as determined by the
Reference Agent, of the Pay Fix and Pay Floating Spreads (which
are expressed as basis points, with 100 basis points equaling
1.00 per centage point) as displayed on Reuters Page FPRI under
the column titled "TREASURY VS LIBOR PAY FIX PAY FLTG" and in the
row titled "5YR" as of 3:45 p.m. New York City time on such
Interest Determination Date, plus (b) a rate determined as of
3:45 p.m. New York City time on such Interest Determination Date
equal to the arithmatic mean of the bid-side yield of the
applicable noncallable fixed rate obligation of the United States
with an original maturity of five years as quoted by three leading
primary United States government securities dealers selected by
the Reference Agent, as calculated by the Reference after
consultation with Ford Credit.
(iv) If the Five-Year Swap Rate cannot be determined as
specified in (iii) above by 4:00 p.m. New York City time on such
Interest Determination Date, then the Five-Year Swap Rate shall be
the arithmetic mean of the rates quoted for five year interest
rate swap transactions by three leading dealers in interest rate
swap transactions as determined by the Reference Agent as of 4:00
p.m. New York City time on such Interest Determination Date.
The Five-Year Swap Rate shall be determined as of each
Interest Determination Date, which shall be two Business Days
prior to the related Interest Reset Date; provided, however, that
if, after attempting to determine the Five-Year Swap Rate pursuant
to clauses (i), (ii), (iii) and (iv) above, the Five-Year Swap
Rate is not determinable for an Interest Determination Date (the
"Original Interest Determination Date"), then such Interest
Determination Date shall be the first Business Day preceding the
Original Interest Determination Date for which the Five-Year Swap
Rate can be determined as provided above. "Telerate Page 42276"
and "Telerate Page 19901" mean, respectively, the display pages
so designated on the Dow Jones Telerate Service (or such other
page as may replace either such page on that service, or such
other service as may be nominated as the information vendor, for
the purpose of displaying the information required to determine
the Five-Year Swap Rate). "Reuters Page FPRI" means the page so
designated on the Reuter Monitor Money Rates 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 the information required to determine
the Five-Year Swap Rate).
The amount of interest for each day that the Notes are
outstanding (the "daily Interest Amount") will be calculated by
dividing the Interest Rate in effect for each 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.
