Pricing Supplement No. 5 Dated April 6, 2000
(To Prospectus Dated January 6, 2000
and Prospectus Supplement Dated January 31, 2000)
Rule 424(b)(3)
Registration Statement No.
333-91953
U.S.$12,000,000,000
Ford Motor Credit Company
Medium-Term Notes Due More Than
9 Months From Date of Issue
Ford Motor Credit Company has designated $300,000,000 aggregate
principal amount of its Medium-Term Notes Due More Than 9 Months From Date of
Issue having the specific terms set forth below. Lehman Brothers Inc. and
Salomon Smith Barney Inc. have agreed to purchase, respectively, $200,000,000
and $100,000,000 aggregate principal amount of the Notes at a price of 99.96267%
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: April 11, 2000
Maturity Date: April 11, 2002
Principal Amount: $300,000,000
Interest Rate Basis: Federal Funds Rate,
as described below
Spread: Plus 27 basis points (0.27%)
Interest Reset Dates: Daily as hereinafter provided
Interest Payment Dates: Quarterly on the 11th day of each
January, April, July and October,
beginning July 11, 2000, and
at Maturity
CUSIP No.: 345402 4Y4
Reference Agent: The Chase Manhattan Bank
LEHMAN BROTHERS SALOMON SMITH BARNEY
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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 meaning therein assigned to
them.
INTEREST
Interest of the Notes will be payable quarterly on the 11th day of
January, April, July and October of each year, commencing July 11, 2000, 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
27 basis points (0.27%). The Interest Rate for each Interest Period will be
reset on each Business Day, commencing with April 11, 2000 (each such day an
"Interest Reset Date"), to but excluding the day on which the principal hereof
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, April 11, 2000, 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:
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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 120 under the
heading "FED FUNDS EFFECTIVE--EFF", as of 11:00 a.m. New York City time on such
Interest Reset Date; or, if such rate 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 120" means the display page so designated on Bridge
Telerate, Inc. (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.
<PAGE>
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 Global Security. 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 the 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.
