Pricing Supplement No.1 Dated November 17, 1995
(To Prospectus and Prospectus Supplement dated October 10, 1995)
Rule 424(b)(3)
Registration Statement
No. 33-55945
U.S. $4,000,000,000
FORD MOTOR CREDIT COMPANY
Euro Medium-Term Notes Due from 9 Months to
30 Years from Date of Issue
Ford Motor Credit Company has designated Japanese
Yen 5,000,000,000, aggregate principal amount of its
Euro Medium-Term Notes Due from 9 Months to 30 Years
from Date of Issue having the specific terms set forth
below. Merrill Lynch International Limited has agreed
to purchase the Notes at a price of 105.250% of the
principal amount for resale at an initial public
offering price of 105.250% 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 this Pricing
Supplement.
Issue Date: November 29, 1995
Principal Amount: Japanese Yen 5,000,000,000
Maturity Date: November 29, 1999.
Redemption Price at
Maturity: 100% of Principal Amount
ISIN: XS006201890/7
Common Code: 6201890
Listing: The Notes will not be listed on the
Luxembourg Stock Exchange.
Interest Rate and Payment: The Notes will bear
interest from November 29, 1995, at the Interest Rate
determined in the manner set forth below, payable
quarterly on February 29, May 29, August 29 and
November 29 during the period commencing with February
29, 1996 and ending with August 29, 1999 (each such
date an "Interest Payment Date") and on the Maturity
Date.
The per annum interest rate (the "Interest Rate") in
effect for each day of an Interest Period will be
equal to the Three Month JPY-LIBOR-BBA Rate plus 125
basis points (1.25%). The Interest Rate for each
Interest Period will be set on the 29th day of the
months of February, May, August and November during
the period commencing with the Issue Date and ending
with August 29, 1999 (each such day an "Interest Reset
Date"). "Interest Period" shall mean the period from
and including an Interest Reset Date to but excluding
the next succeeding Interest Reset Date and, in the
case of the last such period, the Interest Reset Date
occurring in August 1999 to and including November 28,
1999.
The "Three Month JPY-LIBOR-BBA Rate" shall mean the
rate determined in accordance with the following
provisions:
(i) On the second day on which dealings in deposits
in Japanese yen are transacted in the London interbank
market preceding the Issue Date and each Interest
Reset Date thereafter (each such date an "Interest
Determination Date"), Chemical Bank (the "Reference
Agent"), as agent for the Company, will determine the
Three Month JPY-LIBOR-BBA Rate which shall be the rate
for deposits in Japanese yen having a three-month
maturity which appears on Telerate Page 3750 as of
11:00 a.m., London time, on such Interest
Determination Date. "Telerate Page 3750" 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 or services as
may be nominated by the British Bankers' Association
for the purpose of displaying London interbank offered
rates for Japanese yen deposits). If the Three Month
JPY-LIBOR-BBA Rate on such Interest Determination Date
does not appear on Telerate Page 3750, such Three
Month JPY-LIBOR-BBA Rate will be determined as
described in (ii) below.
(ii) With respect to an Interest Determination
Date for which the Three Month JPY-LIBOR-BBA Rate does
not appear on the Telerate Page 3750 as specified in
(i) above, the Three Month JPY-LIBOR-BBA Rate will be
determined on the basis of the rates at which deposits
in Japanese yen are offered by four major banks in the
London interbank market selected by the Reference
Agent (the "Reference Banks") at approximately 11:00
a.m., London time, on such Interest Determination Date
to prime banks in the London interbank market having a
three-month maturity and in a principal amount that is
representative for a single transaction in such market
at such time. The Reference Agent will request the
principal London office of each of such Reference
Banks to provide a quotation of its rate. If at least
two such quotations are provided, the Three Month JPY-
LIBOR-BBA Rate on such Interest Determination Date
will be the arithmetic mean of such quotations. If
fewer than two quotations are provided, the Three
Month JPY-LIBOR-BBA Rate on such Interest
Determination Date will be the arithmetic mean of the
rates quoted by three major banks in Tokyo selected by
the Reference Agent at approximately 11:00 a.m., Tokyo
time, on such Interest Determination Date for loans in
Japanese yen to leading European banks, having a
three-month maturity and in a principal amount
representative for a single transaction in such market
at such time; provided, however, that if the banks in
Tokyo selected as aforesaid by the Reference Agent are
not quoting as mentioned in this sentence, the
Interest Rate for the Interest Period commencing on
the Interest Reset Date following such Interest
Determination Date will be the Interest Rate in effect
on such Interest Determination Date.
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 such day by 360 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. The
Interest Rate and amount of interest to be paid for
each Interest Period will be determined by the
Reference Agent.
In any case in which an Interest Reset Date or
an Interest Payment Date is not a Business Day then
each such Interest Reset Date or Interest Payment Date
shall be the next succeeding Business Day, except that
if such next succeeding Business Day shall fall in the
next succeeding calendar month, then each such
Interest Reset Date or Interest Payment Date shall be
the immediately preceding Business Day. If the
Maturity Date is not a Business Day, then the
principal amount of the Notes together with accrued
and unpaid interest thereon shall be paid on the next
following Business Day with the same force and effect
as if made on the Maturity Date. "Business Day"
shall mean any day that is not a Saturday or a Sunday
and that, in New York City, Tokyo or London, is not a
day on which banking institutions are generally
authorized or obligated by law to close.
MERRILL LYNCH INTERNATIONAL LIMITED
