Pricing Supplement No. 158 Dated December 18, 1997
(To Prospectus and Prospectus Supplement Dated October 24, 1996)
U.S. $5,000,000,000 Rule 424(b)(3)
FORD MOTOR CREDIT COMPANY Registration
MEDIUM-TERM NOTES DUE FROM 9 MONTHS Statement No.
TO 30 YEARS FROM DATE OF ISSUE 33-64237
Ford Motor Credit Company has designated $165,000,000
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
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 23, 1997
Principal Amount: $165,000,000
Interest Rate Basis: Prime Rate (as hereinafter defined)
Spread: Minus 280 basis points (2.80%)
Interest Payment
Dates: Quarterly on the 23rd day of the
months of March, June, September
and December during the period
commencing March 23, 1998, and
ending on the Stated Maturity
Stated Maturity: December 23, 1998
Interest Determination
Dates: Daily as hereinafter provided
Interest Reset Dates: Daily as hereinafter provided
Reference Agent: The Chase Manhattan Bank
GOLDMAN, SACHS & CO.
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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 23rd
day of the months of March, June, September and December during
the period commencing March 23, 1998 and ending on December 23,
1998 (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 280 basis points (2.80%). The Interest
Rate for each Interest Period will be reset on each Business Day
during the period commencing with December 23, 1997 and ending
with December 22, 1998 (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 23, 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 September 23, 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
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
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.
