PRICING SUPPLEMENT NO. 6 Filed under Rule 424(b)(3)
To Prospectus Dated April 20, 1990 and File Number 33-34133-01
Prospectus Supplement Dated February 17, 1994
MOBIL OIL CORPORATION
EMPLOYEE STOCK OWNERSHIP PLAN TRUST
MEDIUM-TERM NOTES
GUARANTEED BY MOBIL CORPORATION
Due More Than Nine Months From the Date of Issue
FACE AMOUNT: $25,000,000 CUSIP: 60708 Q AF8
FORM: Book Entry
ORIGINAL ISSUE INITIAL REDEMPTION INTEREST RATE:
DATE: 02/28/97 DATE: N/A 6.25%
INTEREST ACCRUAL INITIAL REDEMPTION ORIGINAL MATURITY
DATE: 02/28/97 PERCENTAGE: N/A DATE: 08/31/2001
APPLICABILITY OF OPTIONAL REPAYMENT TOTAL AMOUNT
MODIFIED PAYMENT DATES: N/A OF OID: N/A
UPON ACCELERATION: N/A
APPLICABILITY ANNUAL REDEMPTION ORIGINAL
OF ANNUAL INTEREST PERCENTAGE: N/A YIELD TO
PAYMENTS: N/A MATURITY: N/A
INTEREST SPECIFIED INITIAL
PAYMENT CURRENCY: ACCRUAL
DATES: U.S. dollars PERIOD OID: N/A
The last day of
February and August
each year beginning
with 08/31/97
AGENT: MORGAN STANLEY & CO.
AGENT'S DISCOUNT OR
COMMISSIONS: 0.477%
NET PROCEEDS TO ISSUER: 99.523%
The Date of this Pricing Supplement is February 21, 1997
DESCRIPTION OF THE OFFERED NOTES
General
The following description of the terms of the Notes offered by this Pricing
Supplement (the "Offered Notes") supplements, and to the extent inconsistent
therewith replaces, the description of the general terms and provisions of the
Medium-Term 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. Capitalized terms not otherwise
defined herein which are defined in the Prospectus Supplement have the
meanings set forth therein.
Interest
The Offered Notes are Fixed Rate Notes. Interest at 6.25% per annum is
payable semiannually on the last day of each February and August beginning
with August 31, 1997.
Payment of Principal and Interest
If any Interest Payment Date, the Original Maturity Date or any date fixed
for redemption at the option of the Issuer falls on a day that is not a Business
Day, any principal or interest that would otherwise be payable on such date
shall be paid on the next succeeding Business Day, and no interest shall accrue
for the intervening period. For these purposes, "Business Day" shall mean any
day, other than a Saturday or a Sunday that is neither a legal holiday nor a day
on which banking institutions are authorized or required by law or regulation
to close in the City of New York or Chicago.
Redemption at the Option of the Issuer
The Offered Notes are redeemable in whole or in part, at the option of
the Issuer at any time, for an amount equal to the accrued interest to the date
of redemption ( Optional Redemption Date ) plus the greater of (i) 100% of the
principal amount being redeemed or (ii) the sum of the present values of the
remaining scheduled payments of principal and interest thereon discounted to
the Optional Redemption Date on a semiannual basis (assuming a 360-day year
consisting of twelve 30-day months) at the Treasury Yield plus 10 basis points,
minus accrued interest (other than accrued interest in default) to the Optional
Redemption Date.
Treasury Yield means, with respect to any Optional Redemption Date,
the rate per annum equal to the semiannual equivalent yield to maturity of the
Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue
(expressed as a percentage of its principal amount) equal to the Comparable
Treasury Price for such redemption date.
Comparable Treasury Issue means the United States Treasury security
selected and designated to the Issuer in writing by an Independent Investment
Banker as having a maturity comparable to the remaining term of the Notes that
would be utilized, at the time of selection and in accordance with customary
financial practice, in pricing new issues of corporate debt securities of
comparable maturity to the remaining term of this Note. Independent
Investment Banker means one of the Reference Treasury Dealers (or, if no such
firm is willing and able to select the Comparable Treasury Issue, an independent
investment banking institution of national standing) appointed by the Indenture
Trustee after consultation with the Issuer.
Comparable Treasury Price means, with respect to any Optional
Redemption Date: (i) the average of the bid and asked prices for the Comparable
Treasury Issue (expressed in each case as a percentage of its principal amount)
on the third business day preceding such Optional Redemption Date, as set forth
in the daily statistical release (or any successor release) published by the
Federal Reserve Bank of New York and designated Composite 3:30 p.m.
Quotations for U.S. Government Securities or (ii) if such release
(or any successor release) is not published or does not contain such prices
on such business day, (A) the average of the Reference Treasury Dealer
Quotations for such Optional Redemption Date, after excluding the highest
and lowest such Reference Treasury Dealer Quotations, or (B) if the Indenture
Trustee obtains fewer than four Reference Treasury Dealer Quotations, the
average of all such Quotations.
Reference Treasury Dealer Quotations means, with respect to each Reference
Treasury Dealer and any Optional Redemption Date, the average, as determined
by the Indenture Trustee, of the bid and asked prices for the Comparable
Treasury Issue (expressed in each case as a percentage of its principal amount)
quoted in writing to the Indenture Trustee by such Reference Treasury Dealer
at 5:00 p.m. on the third business day preceding such Optional Redemption Date.
Reference Treasury Dealer means each of Morgan Stanley & Co.
Incorporated, Goldman, Sachs & Company, J.P. Morgan Securities, Incorporated
and another Primary Treasury Dealer (as defined herein) at the option of the
Issuer, provided, however, that if any of the foregoing shall cease to be a
primary U.S. Government securities dealer in New York City (a Primary Treasury
Dealer ), the Issuer shall substitute therefor another Primary Treasury Dealer.
Holders of Notes to be redeemed will receive notice thereof by first-
class mail at least 30 and not more than 60 days prior to the date fixed for
redemption.
If less than all the Notes are to be redeemed, the Trustee will select
Notes for redemption pro rata or by lot or by such other method as the
Indenture Trustee shall deem fair and appropriate. If any Note is to be
redeemed in part only, a new Note or Notes in principal amount equal to the
unredeemed principal portion thereof will be issued.
Cost of Commissions
Pursuant to agreements between the Issuer, Mobil Oil Corporation and
Mobil Corporation, the cost of commissions ultimately is to be borne by Mobil
Corporation, and the Issuer effectively will receive net proceeds of 100%.
