Pricing Supplement No.166 Dated May 8, 1996,
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
$5,000,000 principal amount of the Series H Notes, bearing interest at 7.44%
per annum and maturing on May 12, 2006, are offered by the Company through
Donaldson, Lufkin & Jenrette Securities Corporation, 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 May 13,
1996.
Prior to this Pricing Supplement, $1,359,770,000 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. On November 16, 1995 the Company reduced the
amount of the aggregate principal amount of the Series H Notes available for
sale under the Prospectus and the Prospectus Supplement referred to above by
$100,000,000 from $1,500,000,000 to $1,400,000,000.
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, 1995(in millions):
<TABLE>
<CAPTION>
Year Ended
or at December 31
1994 1995
<S> <C> <C>
Revenue $ 4,387.9 $ 5,384.4
Earnings Before Provision for
Income Taxes $ 972.6 $ 1,121.4
Net Earnings $ 603.5 $ 708.1
Finance Receivables (net of
unearned finance income and
allowance for losses) $30,043.3 $35,259.1
Stockholders' Equity $ 3,786.1 $ 4,444.0
-----------------------------
Recent Developments
On April 18, 1996, the Company reported unaudited results for the three months
ended March 31, 1996. Such results, compared to the unaudited results of
operations for the similar period of the prior fiscal year, were as follows:
Revenue - $1.5 billion (1996), $1.3 billion (1995); Earnings before Provision
for Income Taxes - $308.8 (1996), $259.6 million (1995); and Net Earnings -
$193.8 (1996), $166.0 million (1995).
</TABLE>
