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Rule 424(b)(3)
Registration Statement No. 33-64237
Pricing Supplement No. 154 Dated December 10, 1997
(To Prospectus and Prospectus Supplement Dated October 24, 1996)
U.S. $5,000,000,000
FORD MOTOR CREDIT COMPANY
MEDIUM-TERM NOTES DUE FROM 9 MONTHS TO 30 YEARS FROM DATE OF ISSUE
Ford Motor Credit Company has designated $325,000,000 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. Chase Securities Inc.
has agreed to purchase the Notes at a price of 100% of their principal amount
for resale at an initial public offering price of 100% of their principal
amount. After the initial public offering, the 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: December 19, 1997
Principal Amount: $325,000,000
Interest Rate Basis: Prime Rate (as hereinafter defined)
Spread: Minus 279 basis points (2.79%)
Interest Payment
Dates: Quarterly on the 8th day of the months
of January, April, July and October
during the period commencing January 8,
1998, and ending on the Stated Maturity
Stated Maturity: January 8, 1999
Interest Determination
Dates: Daily as hereinafter provided
Interest Reset Dates: Daily as hereinafter provided
Reference Agent: The Chase Manhattan Bank
CHASE SECURITIES INC.
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DESCRIPTION OF NOTES
The following description of the particular terms of the Notes offered
hereby supplements, and to the extent inconsistent therewith replaces, the
descriptions of the general terms and provisions of the Notes set forth in the
accompanying Prospectus Supplement and of the Debt Securities set forth in the
accompanying Prospectus, to which descriptions reference is hereby made. All
terms used but not defined herein which are defined in the accompanying
Prospectus or Prospectus Supplement shall have the meanings therein assigned to
them.
INTEREST
Interest on the Notes will be payable quarterly on the 8th day of the
months of January, April, July and October during the period commencing January
8, 1998 and ending on January 8, 1999 (the "Maturity Date") to the person in
whose name any Note is registered on the close of business fifteen days
preceding each Interest Payment Date or the Maturity Date, as the case may be.
The Notes are not subject to redemption prior to the Maturity Date.
The per annum interest rate on the Notes (the "Interest Rate") in
effect for each day of an Interest Period will be equal to the Prime Rate minus
279 basis points (2.79%). The Interest Rate for each Interest Period will be
reset on each Business Day during the period commencing with December 19, 1997
and ending with January 7, 1999 (each such day an "Interest Reset Date");
provided, however, that the first Business Day preceding any Interest Payment
Date or the Maturity Date, as the case may be, shall not be deemed to be an
Interest Reset Date. The interest determination date with respect to each
Interest Reset Date (the "Interest Determination Date") shall be such Interest
Reset Date. "Interest Period" shall man the period from and including an
Interest Reset Date to but not including the next succeeding Interest Reset
Date, and in the case of the last Interest Period in an Interest Payment
Period, from and including the second Business Day preceding such Interest
Payment Date or the Maturity Date, as the case may be. "Business Day" shall
mean any day that is not a Saturday or a Sunday and that, in The City of New
York, is not a day on which banking institutions are generally authorized or
obligated by law to close.
"Interest Payment Period" shall mean the period from and including an
Interest Payment Date, or in the case of the first such period, December 19,
1997 to and including the day prior to the next Interest Payment Date and, in
the case of the last such period, from and including October 8, 1998 to but not
including the Maturity Date.
The "Prime Rate" shall mean the rate determined in accordance with the
following provisions:
For each Interest Reset Date, The Chase Manhattan Bank (the
"Reference Agent"), as an agent for the Company, will determine
the Prime
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Rate which shall be the prime rate or base lending rate on the
date as such a rate is published in H.15 (519) under the heading
"Bank Prime Loan". In the event that such rate is not so
published on or prior to the Calculation Date pertaining to the
Interest Payment Period in which such Calculation Date occurs,
then the Prime Rate shall be calculated by the Reference Agent
and shall be the arithmetic mean of the rates of interest
publicly announced by each bank that appeared on the
Reuters Screen US PRIME 1 Page (as defined below) as such bank's
prime rate or base lending rate as in effect for such Interest
Reset Date as quoted on the Reuters Screen US PRIME 1 Page. If
fewer than four such rates appear on the Reuters Screen US PRIME
1 Page on such date, then the Prime Rate shall be the arithmetic
mean of the prime rates or base lending rates (quoted on the
basis of the actual number of days in the year divided by a
360-day year) as of the close of business on such Interest Reset
Date by three major banks in The City of New York selected by
the Reference Agent; provided, however, that if fewer than three
such selected banks were quoted as described in this sentence,
the Interest Rate shall be the Interest Rate in effect on the
day prior to such Interest Reset Date. "Reuters Screen US PRIME
1 Page" means the display page designated as page "US PRIME 1"
on the Reuters Monitor Money Rates Service (or such other page
as may replace the US PRIME 1 Page on that service for the
purpose of displaying prime rates or base lending rates of major
United States banks). The "Calculation Date" pertaining to any
Interest Period occurring in an Interest Payment Period shall be
the second Business Day preceding the last day of such Interest
Payment Period.
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 Payment Period will be calculated by adding the Daily Interest Amounts
for each day in the Interest Payment Period.
In any case in which an Interest Payment Date is not a Business Day,
payment of interest shall be made on the next succeeding Business Day and the
Interest Payment Period scheduled to end on such Interest Payment Date shall
end on such next succeeding Business Day. If the Maturity Date is not a
Business Day, payment of principal and interest shall be made on the next
succeeding Business Day and no interest will accrue for the period from and
after the Maturity Date.
The Interest Rate will in no event (i) be higher than the maximum rate
permitted by New York law as the same may be
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modified by United States law of general application, or (ii) be less than
zero.
The Interest Rate for each Interest Period and the amount of interest
to be paid on the Notes for each Interest Payment Period will be determined by
the Reference Agent. All calculations made by the Reference Agent shall in the
absence of manifest error be conclusive for all purposes and binding on Ford
Credit and the holders of the Notes. So long as the Prime Rate is required to
ne determined with respect to the Notes, there will at all times be a Reference
Agent. In the event that any then acting Reference Agent shall be unable or
unwilling to act, or that such Reference Agent shall fail duly to establish the
Prime Rate for any Interest Period or the Interest Rate for any Interest
Period, or that Ford Credit proposes to remove such Reference Agent, Ford
Credit shall appoint itself or another person which is a bank, trust company,
investment banking firm or other financial institution to act as the Reference
Agent.
