Pricing Supplement No. 48 Dated July 21, 1995,
to Prospectus Dated November 9, 1994
as Supplemented by Prospectus Supplement Dated
March 22, 1995
ASSOCIATES CORPORATION OF NORTH AMERICA
MEDIUM TERM SENIOR NOTES, SERIES H
$1,000,000 principal amount of the Series H Notes, bearing interest at 6.59%
per annum and maturing on July 26, 2000, are offered by the Company through
PaineWebber Incorporated, which, as agent for the Company, has agreed to use
its best efforts to solicit purchasers of the Notes.
The Notes to which this Pricing Supplement relates will be Fixed Rate Notes
and will be initially issued as Book Entry Notes for settlement on July 26,
1995.
Prior to this Pricing Supplement, $432,725,000 aggregate principal amount of
the Series H Notes offered pursuant to the Prospectus Supplement dated March
22, 1995 to the Prospectus dated November 9, 1994 has been sold at the
interest rates then in effect.
Recent Financial Information
The following summary of certain consolidated financial information of the
Company has been derived principally from information and financial statements
contained in the Company's Annual Report on Form 10-K for the year ended
December 31, 1994 and its Quarterly Report on Form 10-Q for the
three months ended March 31, 1995 (in millions):
<TABLE>
<CAPTION>
Year Ended or Three Months Ended
at December 31 or at March 31
1994 1993 1994
(Unaudited)
<S> <C> <C> <C>
Revenue $ 4,387.9 $ 1,014.5 $ 1,263.2
Earnings Before Provision for
Income Taxes $ 972.6 $ 224.7 $ 259.6
Net Earnings $ 603.5 $ 140.9 $ 166.0
Finance Receivables (net of
unearned finance income and
allowance for losses) $30,043.3 $26,167.9 $31,271.6
Stockholders' Equity $ 3,786.1 $ 3,407.6 $ 3,961.0
Recent Developments
On July 19, 1995, the Company announced unaudited results for the six months
ended June 30, 1995. Such results, compared to the unaudited results of
operations for the similar period of the prior fiscal year, were as follows:
Revenue - $2.6 billion (1995), $2.1 billion (1994); Earnings before Provision for
Income Taxes - $534.5 million, $454.9 million (1994); and Net Earnings - $338.7
(1995), $282.5 million (1994).
</TABLE>
