Pricing Supplement No.23 Dated April 22, 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
$25,000,000 principal amount of the Series I Notes, bearing interest at 6.86%
per annum and maturing on January 7, 2000, are offered by the Company through
Prudential Securities 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 April 25,
1997.
Prior to this Pricing Supplement, $254,650,000 aggregate 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.
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 (in millions):
<TABLE>
<CAPTION>
Year Ended
at December 31
1995 1996
-----------------------
<S> <C> <C>
Revenue $ 5,384.4 $ 6,221.4
Earnings Before Provision for
Income Taxes $ 1,121.4 $ 1,305.1
Net Earnings $ 708.1 823.1
Finance Receivables (net of
unearned finance income and $35,259.1 $40,407.5
Stockholders' Equity $ 4,444.0 $ 5,086.2
Recent Developments
On April 15, 1997, the Company reported unaudited results for the three months
ended March 31, 1997. Such results, compared to the unaudited results of
operations for the similar period of the prior fiscal year, were as follows:
Revenue - $1.7 billion (1997), $1.5 billion (1996); Earnings before Provision
for Income Taxes - $337.8 million (1997), $308.8 million(1996); and Net
Earnings - $215.4 million (1997), $193.8 million (1996).
</TABLE>
