Pricing Supplement No. 166 Dated February 9, 1998
(To Prospectus and Prospectus Supplement
Dated October 24, 1996)
Rule 424(b)(3)
Registration Statement
No. 33-64237
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 $100,000,000
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. Goldman,
Sachs & Co. have agreed to purchase the Notes at a price of 99.75% 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.
Issue Date: February 20, 1998
Principal Amount: $100,000,000
Interest Rate Basis: Fed Funds Rate, as described below.
Spread: Plus 32 basis points (0.32%).
Interest Reset Dates: Daily as hereinafter provided.
Interest Payment Dates: The 1st day of the months of February, May,
August and November commencing May 1, 1998.
Stated Maturity: October 1, 2001
Reference Agent: The Chase Manhattan Bank
GOLDMAN, SACHS & CO.
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 meaning
therein assigned to them.
INTEREST
Interest on the Notes will be payable quarterly on the 1st day of
February, May, August and November of each year, commencing May 1,
1998, until the principal thereof is paid or made available for payment as
provided in the Indenture, to the person in whose name any Note is registered
on the close of business fifteen days preceding each Interest Payment Date.
The Notes are not subject to redemption prior to the Stated Maturity.
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 Federal Funds Rate
plus 32 basis points (.32%). The Interest Rate for each Interest Period will
be reset on each Business Day, commencing with February 20, 1998 (each such
day an "Interest Reset Date"), to but excluding the day on which the
principal on the Notes is paid or made available for payment (the "Principal
Payment Date"); provided, however, that the first Business Day preceding any
Interest Payment Date or the Principal Payment Date, as the case may be,
shall be deemed not to be an Interest Reset Date. "Interest Period" shall
mean the period from and including an Interest Reset Date to but not
including the next succeeding Interest Reset Date or the Principal Payment
Date, as the case may be, 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 Principal Payment Date, as the case may be,
to but not including the next succeeding Interest Reset Date or the Principal
Payment 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, February 20,
1998 to and including the day prior to the next Interest Payment Date and, in
the case of the last such period, from and including the Interest Payment
Date immediately preceding the Principal Payment Date to but not including
the Principal Payment Date.
The "Federal Funds 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 Federal Funds Rate
which shall be the rate for Federal Funds for the Business Day immediately
preceding such Interest Reset Date which appears on Telerate Page 118, as of
11:00 a.m. New York City time on such Interest Reset Date; or, if such rate
<PAGE>
is not so published by 11:00 a.m. New York City time on such Interest Reset
Date, the Federal Funds Rate shall be the rate for Federal Funds for the
Business Day preceding such Interest Reset Date as published on such Interest
Reset Date in "Composite Quotations" under the heading "Federal
Funds/Effective Rate." If on the Calculation Date pertaining to such
Interest Reset Date such rate is not yet published in Composite Quotations,
the Federal Funds Rate for such Interest Reset Date will be calculated by the
Reference Agent and will be the arithmetic mean (rounded, if necessary, to
the nearest one hundred-thousandth of a percentage point, with 5
one-millionths of a percentage point rounded upwards) of the rates for the
last transaction in overnight Federal Funds arranged by three leading dealers
of Federal Funds transactions in The City of New York selected by the
Reference Agent as of 11:00 a.m., New York City time, on such Interest Reset
Date; provided, however, that if the dealers selected as aforesaid by
the Reference Agent are not quoting as mentioned in this sentence, the
Interest Rate for the Interest Period commencing on such Interest Reset Date
will be the Interest Rate in effect on the preceding Interest Reset Date.
"Telerate Page 118" means the display page so designated on the Dow Jones
Telerate Service (or such other page as may replace that page on that service
for the purpose of displaying the rate for Federal Funds). "Composite
Quotations" means the daily statistical release entitled "Composite 3:30 P.M.
Quotations for U.S. Government Securities", or any successor publication,
published by the Federal Reserve Bank of New York. The "Calculation Date"
pertaining to any Interest Reset Date shall be the Business Day following
such Interest Reset Date, provided, however, that with respect to the last
Interest Reset Date in an Interest Payment Period, the Calculation Date shall
be such Interest Reset 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 Payment Period will be calculated by adding the Daily Interest
Amounts for each day in the Interest Payment Period.
The interest rate on the Notes will in no event be higher than the
maximum rate permitted by New York law as the same may be modified by United
States law of general application.
The rate and amount of interest to be paid on the Notes for each Interest
Period will be determined by the Reference Agent, as agent for the Company.
All calculations made by the Reference Agent shall in the absence of manifest
error be conclusive for all purposes and binding on the Company and the
holder of this Notes. So long as the Federal Funds Rate is required to be
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 Federal Funds Rate for any Interest Period, or that the Company
proposes to remove such Reference Agent, the Company 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.
