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Pricing Supplement dated May 24, 1994 Rule 424(b)(3)
(To Prospectus dated May 23, 1994 and File No. 33-52845
Prospectus Supplement dated May 23, 1994)
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GREYHOUND FINANCIAL CORPORATION
MEDIUM -TERM NOTES, SERIES B - FLOATING RATE
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Principal Amount: $77,550,000 Trade Date: May 24, 1994
Issue Price: 100% Original Issue Date: June 1, 1994
Initial Interest Rate: See Addendum Attached Net Proceeds to Issuer: $77,201,025.
Interest Payment Period: Quarterly Discount or Commission: 0.45%
Stated Maturity Date: June 1, 1998
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Calculation Agent: The Chase Manhattan Bank, N.A.
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Interest Calculation:
X Regular Floating Rate Note _____ Floating Rate/Fixed Rate Note
_____ Inverse Floating Rate Note (Fixed Rate Commencement Date):
(Fixed Interest Rate): (Fixed Interest Rate):
Interest Rate Basis: _____ CD Rate _____ Commercial Paper Rate
_____ Eleventh District Cost of Funds Rate
_____ Federal Funds Rate _____ LIBOR _____ Treasury Rate
X Other (see Addendum Attached)
Initial Interest Reset Date: See Addendum Attached
Interest Rate Reset Period: Daily Spread Multiplier: N/A
Interest Reset Dates: Daily Maximum Interest Rate: N/A
Minimum Interest Rate: N/A
Interest Payment Dates: March 1, June 1, September 1, and December 1.
Index Maturity: Daily
Spread (+/-): +.6%
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Day Count Convention:
X Actual/360 for the period from June 1, 1994 to June 1, 1998.
_____ Actual/Actual for the period from to
_____ Other (see attached)
Redemption:
X The Notes cannot be redeemed prior to the Stated Maturity Date.
_____ The Notes may be redeemed prior to Stated Maturity Date.
_____ Initial Redemption Date:
Repayment:
X The Notes cannot be repaid prior to the Stated Maturity Date.
_____ The Notes can be repaid prior to the Stated Maturity Date at the
option of the holder of the Notes.
_____ Optional Repayment Date(s):
Currency:
Specified Currency: U.S. dollars
(If other than U.S. dollars, see attached)
Minimum Denominations:
(Application only if Specified Currency is other than U.S. dollars)
Original Issue Discount: ______ Yes X No
Total Amount of OID:
Yield to Maturity:
Initial Accrual Period:
Form: X Book-Entry _____ Certificated
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LEHMAN BROTHERS
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ADDITIONAL TERMS OF THE NOTES
PAYMENT OF INTEREST
Interest on the Medium-Term Notes, Series B offered by this Pricing
Supplement (the "Notes"), with respect to any quarterly interest payment period,
will accrue interest from and including the most recent Interest Payment Date to
which interest has been paid (or, form and including the Original Issue Date if
no interest has been paid) to but excluding the related Interest Payment Date on
the basis of the weighted average of the Federal Funds Rate (as defined below)
for each Interest Determination Date for such Interest Payment Period (provided,
however, that the interest rate in effect for the two Business days prior to
each Interest Payment Date and Maturity will be the interest rate in effect on
such second Business day), plus the Spread.
For purposes of the Notes, the following terms shall have the following
meanings:
"Federal Funds Rate" means, with respect to any Interest Determination
Date, the rate displayed on Telerate Page 120, under the caption "Federal
Funds", as of 11:00 a.m., New York City time, for the related Interest
Determination Date. If such rate is not available by 3:00 p.m. New York City
time on the related Interest Reset Date, "Federal Funds Rate" means, with
respect to such Interest Determination Date, the rate on such date for Federal
Funds as published in H.15(519) under the heading "Federal Funds (Effective)",
or, if not so published by 3:00 p.m. New York City time, on the Calculation Date
pertaining to such Interest Determination Date, the Federal Funds Rate will be
the rate on such Interest Determination Date as published in the Composite
Quotations under the heading "Federal Funds/Effective Rate". If such rate is not
yet published in the Composite Quotations by 3:00 p.m., New York City time, on
the Calculation Date pertaining to such Interest Determination Date, the Federal
Funds Rate for such Interest Determination Date will be calculated by the
Calculation Agent and will be the arithmetic mean of the rates for the last
transaction in overnight Federal Funds, as of 9:00 a.m., New York City time, on
such Interest Determination Date, arranged by three leading brokers of Federal
Funds transactions in The City of New York selected by the Calculation Agent,
provided, however, that if the brokers selected as aforesaid by the Calculation
Agent are not quoting as set forth above, the Federal Funds Rate will be the
Federal Funds Rate in effect on such Interest Determination Date.
The "Initial Interest Rate" will be calculated as if the first Interest
Reset Date is June 1, 1994.
"Telerate Page 120" means the display on the Dow Jones Telerate Service on
page 120 (or any other page as may replace such page on that service for the
purpose of displaying the federal funds rate as reported in H.15(519), for the
purpose of displaying the federal funds rate as reported in H.15(519).
Certain terms used herein not otherwise defined shall have the respective
meanings set forth in the Prospectus Supplement dated May 23, 1994.
In the absence of manifest error, the determination by the Calculation
Agent of amounts payable under the Notes shall be final and binding on the
Company and the holders of the Notes.
