Pricing Supplement No. 18 Dated November 8, 2000
(To Prospectus Dated January 6, 2000
and Prospectus Supplement Dated January 31, 2000)
Rule 424(b)(5)
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
Extendable Floating Rate Notes
Ford Credit has designated up to U.S. $2,750,000,000 aggregate
principal amount of its Medium-Term Notes Due More Than 9 Months From Date of
Issue having the specific terms set forth below (referred to herein as
"Extendable Notes"). The Extendable Notes are being sold directly by Ford Credit
at 100% of their principal amount. The Extendable Notes will mature on the
Initial Maturity Date, unless the maturity of all or any portion of the
Extendable Notes is extended by the beneficial owner, in accordance with the
procedures described below. In no event will the maturity date of the Extendable
Notes be extended beyond the Final Maturity Date.
During the election period for each Extension Date, beneficial owners
of the Extendable Notes may elect to extend the maturity of all or any portion
of the Extendable Notes. The election period will begin five Business Days prior
to each Extension Date, and will end two Business Days before such Extension
Date at 12:00 noon, New York City time (referred to herein as the "Election
Date"). The Extension Dates shall be March 15, June 15, September 15 and
December 15 of each year, commencing on December 15, 2000, to and including
December 15, 2004, whether or not any such day is a Business Day. If any of the
beneficial owners of the Extendable Notes elect to extend the maturity of all or
any portion of the principal amount thereof, the maturity of such Extendable
Notes so extended will be extended to the date 395 calendar days from the first
day of the election period. If the 395th calendar day is not a Business Day, the
maturity of the Extendable Note will be extended to the immediately preceding
Business Day.
Beneficial owners of the Extendable Notes may elect to extend the
maturity of all or any portion thereof having a principal amount of $1,000 or
any multiple of $1,000 in excess thereof. To make an election during any
election period, the beneficial owner must deliver a notice of election directly
to DTC or through the beneficial owner's DTC participant, in accordance with the
procedures described below. Upon delivery to DTC of the notice of election to
extend the maturity of the Extendable Notes or any portion thereof, the election
will be irrevocable and will be binding upon any subsequent beneficial owner of
such Extendable Notes. The terms of this Pricing Supplement supercede and
replace the provisions set forth in the Prospectus Supplement under the caption
"Extendible Notes".
If a beneficial owner does not make an election to extend the maturity
of all or any portion of the principal amount of the Extendable Notes during the
election period, the principal amount of the Extendable Notes for which no
election was made will become due and payable on the Initial Maturity Date, or
any later date to which the maturity of the Extendable Notes has previously been
extended. The principal amount of the Extendable Notes for which an election is
not exercised will be represented by a new note, issued on the applicable
Extension Date. The new note so issued will have the same terms of the
Extendable Notes, except that it will not be extendable, will have a separate
CUSIP number, its maturity date will be the date that is either the Initial
Maturity Date, or any later date to which the maturity of the beneficial owner's
Extendable Notes had previously been extended, as the case may be, and, with
respect to the new note with a maturity date that is the Initial Maturity Date,
the Interest Rate Basis for the period from and including the last Interest
Payment Date to but excluding the Initial Maturity Date, shall be LIBOR Telerate
having an Index Maturity of three months plus the Spread. The failure to elect
to extend the maturity of all or any portion of the Extendable Notes will be
irrevocable and will be binding upon any subsequent beneficial owner of such
Extendable Notes.
The Extendable Notes will be represented by a Global Security
registered in the name of DTC or its nominee. DTC will be the only entity that
can exercise a right to extend. In order to ensure that DTC will exercise a
right to extend, the beneficial owner of the Extendable Note must instruct the
DTC participant through which it holds an interest in the Extendable Note, to
notify DTC of its desire to extend the maturity date of the Extendable Note. DTC
must receive any notice of election from its participants no later than 12:00
noon (New York City time) on the Election Date applicable to any Extension Date.
Different firms have different cut-off times for accepting instructions from
their customers and, accordingly, each beneficial owner should consult the DTC
participant through which it holds an interest in an Extendable Note to
ascertain the cut-off time by which an instruction must be given for delivery of
timely notice to DTC.
The Extendable Notes are a new issue of securities with no established
trading market. Ford Credit does not intend to make a market in the Extendable
Notes. No assurance can be given as to the liquidity of the trading market for
any of the Extendable Notes. Ford Credit may issue less than all of the
Extendable Notes being offered for sale by this Pricing Supplement.
Original Issue Date: November 15, 2000
Initial Maturity Date: December 7, 2001, or if such day
is not a Business Day, the
immediately preceding Business
Day
Final Maturity Date: January 6, 2006, or if such day
is not a Business Day, the
immediately preceding Business
Day
Initial Principal Amount: Up to U.S. $2,750,000,000.
Principal and interest payable
in U.S. dollars
Initial Interest Rate from the
Original Issue Date to but
excluding December 15, 2000: 6.69% based on LIBOR Telerate
having an Index Maturity of one
month as of November 8, 2000
(6.62%), plus 7 basis points
(0.07%)
<PAGE>
Interest Rate Basis from
and including December 15, 2000
to but excluding January 6, 2006,
excluding the period described
immediately below: LIBOR Telerate having an Index
Maturity of three months plus
the Spread
Interest Rate Basis for the period
from and including the last
Interest Payment Date to but
excluding the Maturity Date: LIBOR Telerate having an Index
Maturity of one month, plus the
Spread
Spread:
For Interest Reset Dates occurring:
From the Original Issue Date to
but excluding December 15, 2001: 7 Basis Points (0.07%)
From and including December 15,
2001 to but excluding
December 15, 2002: 10 Basis Points (0.10%)
From and including December 15,
2002 to but excluding
December 15, 2003: 12 Basis Points (0.12%)
From and including December 15,
2003 to but excluding
December 15, 2004: 15 Basis Points (0.15%)
From and including December 15,
2004 to but excluding
January 6, 2006: 15 Basis Points (0.15%)
Election Dates: Two Business Days prior to the
Extension Dates
Extension Dates: March 15, June 15, September 15
and December 15 of each year,
commencing on December 15, 2000
to and including
December 15, 2004
Interest Reset Dates: Quarterly on the 15th day of
each March, June, September and
December, commencing on
December 15, 2000, until the
Extendable Notes are paid in
full
<PAGE>
Interest Payment Dates: Quarterly on the 15th day of
each March, June, September and
December, beginning
December 15, 2000, and at
Maturity
CUSIP No.: 345397 SW 4
Interest Determination Date: Two London banking days prior
to each Interest Reset Date
Reference Agent: The Chase Manhattan Bank
