Pricing Supplement No. 29 Dated November 6, 1997,
to Prospectus Dated December 4, 1995
as Supplemented by Prospectus Supplement Dated
May 10, 1996
ASSOCIATES CORPORATION OF NORTH AMERICA
MEDIUM TERM SENIOR NOTES, Series I
$200,000,000 principal amount of the Series I Notes, bearing
interest at 6.20%
per annum and maturing on February 15, 2000, are being sold by
the Company to
Merrill Lynch & Co. at a price of 99.919% of their principal
amount. Such
Notes may be offered to the public at varying prices depending
upon market
conditions at the time of resale, as determined by Merrill Lynch
& Co.
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 November
12, 1997.
Prior to this Pricing Supplement, $424,650,000aggregate principal
amount of
the Series I Notes offered pursuant to the Prospectus Supplement
dated May 10,
1996 to the Prospectus dated December 4, 1995 has been sold at
the interest
rates then in effect. Between July 8, 1997 and October 22, 1977
the Company
reduced the amount of the aggregate principal amount of the
Series I Notes
available for sale under the Prospectus and the Prospectus
Supplement referred
to above by $1,100,000,000 from $1,950,000,000 to $850,000,000.
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, 1996 and its Quarterly Report on Form 10-Q for the
six months ended June 30, 1997 (in millions):
<TABLE>
<CAPTION>
Year Ended or Six Months
Ended
at December 31 or at June
30
1996 1996
1997
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- ------
(Unaudited)
<S> <C> <C> <C>
Revenue $ 6,221.4 $ 2,966.5 $
3,460.9
Earnings Before Provision for
Income Taxes $ 1,305.1 $ 633.1 $
696.4
Net Earnings $ 823.1 $ 399.3 $
441.1
Finance Receivables (net of
unearned finance income and
allowance for losses) $40,407.5 $ 38,151.8
$44,304.7
Stockholders' Equity $ 5,086.2 $ 4,824.6 $
5,525.4
- --------------------
On October 14, 1997, the Company announced unaudited results for
the nine
months ended September 30, 1997. Such results, compared to the
unaudited
results of operations for the similar period of the prior fiscal
year, were as
follows: Revenue - $5.3 billion (1997), $4.6 billion (1996);
Earnings before
Provision for Income Taxes - $1,061.1 million (1997), $959.5
million (1996);
and Net Earnings - $671.1 million (1997), $606.4 million (1996).
On October 8, 1997, Ford Motor Company ("Ford") announced its
intention to
distribute to its stockholders all of its shares in Associates
First Capital
Corporation, the immediate parent of the Company, subject to
receipt of a
favorable ruling from the Internal Revenue Service. Upon
consummation of such
spinoff, the Company will no longer be an indirect subsidiary of
Ford.
</TABLE>
