CATERPILLAR FINANCIAL SERVICES CORP
8-K, 1999-07-30
SHORT-TERM BUSINESS CREDIT INSTITUTIONS
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<PAGE>

                      SECURITIES AND EXCHANGE COMMISSION

                            Washington, D.C. 20549

                             _____________________

                                   FORM 8-K

                                CURRENT REPORT

                    Pursuant to Section 13 or 15(d) of the

                        Securities Exchange Act of 1934

          ___________________________________________________________

                                Date of Report
                       (Date of earliest event reported)

                                 July 23, 1999


                  CATERPILLAR FINANCIAL SERVICES CORPORATION
            (Exact name of registrant as specified in its charter)


<TABLE>
<S>                           <C>                                 <C>
        Delaware                        0-13295                                 37-1105865
- ------------------------      --------------------------------    ---------------------------------------
(State of incorporation)        (Commission File Number)            (IRS Employer Identification No.)
</TABLE>



      3322 West End Avenue
      Nashville, Tennessee                                  37203-09830
- -------------------------------------------       ---------------------------
(Address of principal executive offices)                    (Zip Code)



                                    (615) 386-5800
                        ----------------------------------------
                           (Registrant's telephone number,
                                including area code)

                                      N/A
- -------------------------------------------------------------------------------
         (Former name or former address, if changed since last report)
<PAGE>

Item 5.   Other Events.

          In connection with the registrant's Registration Statement (Form S-3),
Registration No. 333-73083, the registrant is filing herewith the documents
listed in Item 7 below.

Item 7.   Exhibits

8.1       Opinion of Orrick, Herrington & Sutcliffe LLP, as to certain tax
          matters.

23.4      The consent of Orrick, Herrington & Sutcliffe LLP is contained in
          their opinion filed as Exhibit 8.1.

                                       2
<PAGE>

                                   SIGNATURE

          Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                   CATERPILLAR FINANCIAL SERVICES
                                             CORPORATION
                                            (Registrant)



Date:  July 30, 1999                        By:        /s/ Paul J. Gaeto
                                              ----------------------------------
                                                         Paul J. Gateo
                                                           Secretary

                                       3
<PAGE>

                                 EXHIBIT INDEX

Exhibit Number                            Description
- --------------                            -----------
8.1                      Opinion of Orrick, Herrington & Sutcliffe LLP, as to
                         certain tax matters

23.4                     The consent of Orrick, Herrington & Sutcliffe LLP is
                         contained in their opinion filed as Exhibit 8.1.

                                       4

<PAGE>

                                                                     EXHIBIT 8.1

                                 July 30, 1999

Caterpillar Financial Services Corporation
3322 West End Avenue
Nashville, Tennessee  37203-0983

          Re:  Caterpillar Financial Services Corporation
               Registration Statement on Form S-3
               ----------------------------------

Ladies and Gentlemen:

          In connection with the Registration Statement on Form S-3 (the
"Registration Statement"), filed on February 26, 1999 with the Securities and
Exchange Commission in connection with the registration under the Securities Act
of 1933, as amended (the "Act"), of $4,000,000,000 aggregate principal amount of
Debt Securities (the "Debt Securities") of Caterpillar Financial Services
Corporation, a Delaware corporation (the "Company"), and at your request, we
have examined the Prospectus dated March 3, 1999 and the Prospectus Supplement
dated July 23, 1999 (the "Prospectus Supplement"), in the form filed with the
Commission pursuant to its Rule 424(b), relating to the offering of $500,000,000
of the Company's Floating Rate Notes due August 1, 2002 and $500,000,000 of the
Company's 6-7/8% Notes due August 1, 2004 (collectively, the "Notes").

          We have examined instruments, documents, and records that we deemed
relevant and necessary for the basis of our opinion hereinafter expressed. Based
on such examination, we are of the opinion that the information set forth under
the heading "Certain United States Federal Tax Matters" in the Prospectus
Supplement correctly describes certain United States federal income tax
consequences of the ownership of the Notes as of the date hereof.

          Our opinion is limited to the tax matters specifically covered under
the heading "Certain United States Federal Tax Matters" in the Prospectus
Supplement, and we have not been asked to address, nor have we addressed, any
other tax matters.

          We hereby consent to the reference to our name and our opinion under
the heading "Certain United States Federal Tax Matters" in the Prospectus
Supplement and the filing of this opinion as an exhibit to the Registration
Statement.

                              Very truly yours,

                              /s/ ORRICK, HERRINGTON & SUTCLIFFE LLP

                              ORRICK, HERRINGTON & SUTCLIFFE LLP


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