Pricing Supplement No. 119 Dated August 11, 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 ("Ford Credit") has designated $200,000,000
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 Floating Rate
Notes described in this Pricing Supplement.
Issue Date: August 14, 1997
Principal Amount: $200,000,000
Interest Rate Basis: USD-CMT-H.15
Spread: Plus 8 basis points (0.08%)
Interest Reset Dates: The Issue Date and thereafter on 14th day of the
months of November, February, May and
August
Interest Payment Dates: The 14th day of the months of November,
February, May, and August commencing November
14, 1997
Stated Maturity: August 14, 2000
Reference Agent: The Chase Manhattan Bank
"USD-CMT-H.15" means with respect to any CMT Interest Determination Date
and the related Interest Reset Date:
The rate set forth in the most recently published U.S. Federal Reserve weekly
publication H.15 (519) which appears one Business Day prior to such Interest
Reset Date on Telerate Page 7051 under the column titled "2 Yr" for the date
two Business Days prior to such Interest Reset Date (the "CMT Interest
Determination Date"). If such rate is not displayed on Telerate Page 7051
with respect to such Interest Reset Date, then USD-CMT-H.15 for such Interest
Reset Date will be such 2 year Treasury Constant Maturity rate (or other
two-year United States Treasury rate) quoted for the Interest Determination
Date as may then be published by either the Board of Governors of the Federal
Reserve System or the United States Department of the Treasury that the
Reference Agent determines to be comparable to the rate provided above. If
such information is not provided, then USD-CMT-H.15 for the Interest Reset
Date will be calculated by the Reference Agent and will be a yield to
maturity, based on the arithmetic mean of the secondary market closing bid
side prices as of approximately 3:30 p.m. (New York City time) for the CMT
Interest Determination Date reported, according to their written records, by
three leading primary United States government securities dealers (each a
"Reference Dealer") selected by the Reference Agent in the City of New York
for the most recently issued direct noncallable fixed rate obligations of the
United States ("Treasury Note") with an original maturity of approximately
two years and a remaining term to maturity of not less than one year. If the
Reference Agent cannot obtain three such Treasury Note quotations,
USD-CMT-H.15 for such Interest Reset Date will be calculated by the Reference
Agent and will be the yield to maturity based on the arithmetic means of the
secondary market bid side prices as of approximately 3:30 p.m. (New York City
time) for the CMT Interest Determination Date of three Reference Dealers in
the City of New York (from five such Reference Dealers selected by the
Reference Agent and eliminating the highest quotation (or, in the event of
equality, one of the highest) and the lowest quotation (or, in the event of
equality, one of the lowest)), for Treasury Notes with an original maturity
of greater than two years and a remaining term to maturity closest to two
years. If two Treasury Notes with an original maturity of greater than two
years have remaining terms to maturity equally close to two years the quotes
for the Treasury Note with the shorter remaining term to maturity will be
used. If three or four (and not five) of the Reference Dealers are quoting
as described in this clause, then USD-CMT-H.15 will be based on the
arithmetic mean of the bid prices obtained and neither the highest nor lowest
of such quotes will be eliminated.
Interest payable on the Notes shall be computed on the basis of a 360-day
year of twelve 30-day months.
The Notes described herein are being offered through Lehman Brothers Inc.
who has agreed to use its best efforts to solicit purchases of such Notes.
LEHMAN BROTHERS INC.
