Registration No.333-73083 Rule 424 (b)(2)
Pricing Supplement No:276 Cusip:14912LK59
Dated: May 24, 2000
Caterpillar Financial Services Corporation
Medium-Term Notes, Series F
(Exchangeable Floating Rate Note)
With Maturities of 9 Months or More from Date of Issue
Principal Amount: Initial Interest Rate: Proceed Amount:
$263,700,000 3 Month LIBOR + 2 bps $263,040,750
Initial
Original Issue Date: Commission Fee: Maturity Date:
06/01/00 $659,250 06/01/2001
Dealer: Index Maturity: Spread +/-:
Goldman Sachs Quarterly *See "Other Terms"
Specified Currency: Option to Elect Payment Authorized Denominations
x U.S. dollars in U.S. dollars (only applicable if
_ Other:___________ (only applicable if Specified Currency is
Specified Currency is other than U.S.
other than U.S. dollars): N/A
N/A
The Note is a: Exchange Rate Agent
X Global Note (if other than U.S.
Certificated Note Bank Trust, N.A.): N/A
(only applicable if
Specified Currency
is other than U.S. dollars) Spread Multiplier: N/A
Interest Rate Basis or Bases: 3 mth LIBOR
LIBOR Source (only applicable if LIBOR Interest Rate Basis):
Reuters X Telerate-BBA
Maximum Interest Rate: N/A Interest Payment Period: Quarterly
Interest Payment Dates: Coupons will pay/reset quarterly on the 1st of each
Mar, Jun, Sept, Dec, using modified following business
day convention. Initial payment due 09/01/00.
Interest Determination Dates: Two London Business Days prior to the reset
date.
Minimum Interest Rate: N/A
Interest Rate Reset Option: _ Yes x No
Optional Reset Dates (only applicable if option to reset spread or spread
multiplier): N/A
Basis for Interest Rate Reset (only applicable if option to reset spread or
spread multiplier): N/A
Minimum Interest Rate: N/A Interest Payment Dates: N/A
Stated Maturity Extension Option: _ Yes X No
Extension Period(s) and Final Maturity Date (only applicable if option to
extend stated maturity): N/A
Basis for Interest Rate During Extension Period (only applicable if option to
extend stated maturity): N/A
Historical Exchange Rate (only applicable if Specified Currency other than
U.S. dollars): N/A
Calculation Agent (if other than U.S. Bank Trust, N.A.): N/A
Original Issue Discount Note: Total Amount of OID: N/A Terms of Amortizing
__ Yes x No Notes: N/A
Issue Price (expressed
as a percentage of
aggregate principal
amount): 100%
Redemption Date(s) (including Redemption Price(s): N/A
any applicable regular or
special record dates): N/A
Repayment Date(s) (including Repayment Price(s): N/A
any applicable regular or
special record dates): N/A
Other Terms: See Addendum attached hereto.
The interest rates on the Notes may be changed by Caterpillar Financial
Services Corporation from time to time, but any such change will not affect
the interest rate on any Note ordered prior to the effective date of the
change. Prior to the date of this Pricing Supplement, $3,686.30MM principal
amount of the Notes had been sold at interest rates then in effect.
_________________________________
Pricing Supplement to Prospectus Supplement dated March 25, 1999
and Prospectus dated March 3,1999.
ADDENDUM
Exchangeable Floating Rate Notes
Other Terms
The holder shall have the right, as of the Maturity Date (the "Exchange Date"
as to the Notes), to exchange any Principal Amount of $100,000 (or an integral
multiple thereof) of the Notes for a like principal amount of a tranche of the
Issuer's Medium-Term Notes, Series F having the same terms as the Notes, except
that the new tranche of Notes shall have the Issue Date, Spread and Maturity
Date specified below ("Exchange Notes"). Exchange Notes (and any further
Exchange Notes for which Exchange Notes may successively be exchanged) will,
except as provided below, include a similar provision giving the holder thereof
the right, as of the Maturity Date (the "Exchange Date" as to such Exchange
Notes), to exchange any Principal Amount of $100,000 (or an integral multiple
thereof) of such Exchange Notes (such Exchange Notes being for these purposes
sometimes referred to herein as "Prior Notes") for a lprincipal amount of a
further tranche of Exchange Notes with the same terms as Prior Notes, except
that such Exchange Notes will have the Issue Date, SpreMaturity Date
specified below.
Each tranche of Exchange Notes shall have a Maturity Date which falls on the
first anniversary of the Issue Date of the Exchange Notes, provided, however,
that any Exchange Notes issued in June 2004 shall not have any provision for the
exchange thereof for any further tranche of Exchange Notes and shall have a
Maturity Date of June 1, 2005.
The Issue Date of any tranche of Exchange Notes will be the Exchange Date for
the Notes or the related Prior Notes.
The Spread will be plus 0.02% for the Notes, plus 0.05% for Exchange Notes
issued in June 2001, plus 0.10% for Exchange Notes issued in June 2002, plus
0.15% for Exchange Notes issued in June 2003 and plus 0.15% for Exchange Notes
issued in June 2004.
The holder may exchange Notes and any Exchange Notes, as to a Principal
Amount of $100,000 or an integral multiple thereof, by providing instructions
and irrevocably transferring such Notes or Exchange Notes through The Depository
Trust Company ("DTC") for exchange for a like amount of the tranche of Exchange
Notes for which the same are then exchangeable, during the period commencing
on the Issue Date and ending on the 14th day prior to the Maturity Date of the
Notes or Exchange Notes being exchanged (the "Exchange Period"). If the holder
shall fail to provide instructions to exchange Notes or Exchange Notes as to any
Principal Amount, as herein above provided, prior to the close of business in
New York City on the last day of the applicable Exchange Period, the right of
the holder to exchange the Notes or Exchange Notes, as the case may be, shall
automatically terminate, and the Notes or Exchange Notes, as to such Principal
Amount, will mature on the Maturity Date.
The Notes to which this Pricing Supplement relates are (and any Exchange
Notes for which they may be exchanged will be) Global Notes, as described under
"Description of Notes-Book-Entry System" in the Prospectus Supplement, and DTC
will be the depository for the Notes and any Exchange Notes. As a result, DTC
or its nominee will be the sole holder of the Notes and any Exchange Notes. DTC
will accept instructions to exchange Notes or Exchange Notes only from Direct
Participants shown on its books and records as the owner of such Notes or
Exchange Notes. Instructions by Indirect Participants or Beneficial Owners of
Notes held directly or indirectly through Direct Participants to exchange Notes
or Exchange Notes may be transmitted to DTC only by Direct Participants. In
order to ensure that a Direct Participant will timely exercise a right to
exchange a particular Note or Exchange Note, the Indirect Participant or
Beneficial Owner of such Note must instruct the Direct PartIndirect
Participant through which it holds an interest in such Note to eright. Firms
may have different cut-off times for accepting instruc customers and,
accordingly, each Indirect Participant or Beneficial Owner shoconsult the
Direct Participant or Indirect Participant through which ia Note in order to
ascertain the cut-off time by which such an instruction in order for timely
instructions to be delivered to DTC. None of the Issuer or any agent of
either of them will have any liability to the holder or to Participant,
Indirect Participant or Beneficial Owner for any delay in exoption to exchange
a Note or Exchange Note.
The Issuer makes no recommendation as to whether a holder should exchange
the Notes for Exchange Notes. Holders are urged to consult their own advisers
as to the desirability of exercising their right to exchange the Notes.
Certain United States Federal Income Tax Consequences:
The following is a summary of certain United States federal income tax
consequences relevant to the ownership of the Notes as of the date hereof.
This summary supplements the discussion set forth in the Prospectus Supplement
under the heading "Certain United States Federal Income Tax Consequences --
United States Holders."
In general, for the reasons set out below, a United States holder of a Note
should include stated interest in income as it is paid or accrued, in
accordance with the holder's method of tax accounting. In addition, a United
States holder of a Note should not recognize gain or loss prior to the
redemption or disposition of the Notes. However, the matter is not free from
doubt. United States holders of the Notes should therefore consult their own
tax advisors regarding the tax treatment of the Notes.
The United States federal income tax treatment of the Notes depends upon the
application and possible interplay of separate provisions of the Treasury
Regulations. The likely result is that the OID Regulations determine the tax
consequences of the ownership of the Notes without interplay of Treasury
Regulations dealing with deemed exchanges of debt instruments. Under the OID
Regulations, a holder of a debt instrument (an "Exchangeable Note") with a
maturity date that may be extended at the option of the holder will determine
the yield and the maturity of the debt instrument depending upon whether the
option to extend is treated as exercised. The option textend shall be treated
as exercised if the resulting yield on the Exchangeabwould be greater than it
would be if the option to extend were not exercised. Accordingly, under the OID
Regulations the Notes would be treated as having a five years. In addition,
under the OID Regulations the interest rate formulas on Notes together should
qualify as a single qualified floating rate because the interest rates on the
issue date will be within 0.25 percentage points of As a result, under this
approach all stated interest should be treated as qualify interest and taxable
to a United States holder of a Note when accrued or raccordance with the
holder's method of tax accounting. The manner in which preand market discount
would be calculated on the Notes (see the discussion the Prospectus Supplement
under the heading "Certain United States Federal Inco Tax Consequences -- United
States Holders -- Premium and Market Discount") for subsequent purchasers of the
Notes is uncertain.
Other characterizations are also possible. For example, the Notes could be
treated as a series of one-year Notes. Accordingly, prospective investors
should consult their own tax advisors regarding the possible treatment of the
Notes as a series of one-year Notes and the possibility of gain recognition upon
exercise of the exchange option or the possible inconsistent application of the
OID Regulations and the deemed exchange rules.
