Pricing Supplement No. 28 Dated June 2, 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
$20,000,000 principal amount of the Series I Notes, bearing interest at 6.680%
per annum and maturing on June 5, 2000, are offered by the Company through
Morgan Stanley & Co. 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 June 5,
1997.
Prior to this Pricing Supplement, $404,650,000 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. On May 21, 1997 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 $50,000,000 from
$3,000,000,000 to $2,950,000,000.
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
three months ended March 31, 1997 (in millions):
<TABLE>
<CAPTION>
Year Ended or Three Months Ended
at December 31 or at March 31
1996 1996 1997
--------------- ------ ------
(Unaudited)
<S> <C> <C> <C>
Revenue $ 6,221.4 $ 1,454.2 $ 1,679.5
Earnings Before Provision for
Income Taxes $ 1,305.1 $ 308.8 $ 337.8
Net Earnings $ 823.1 $ 193.8 $ 215.4
Finance Receivables (net of
unearned finance income and
allowance for losses) $40,407.5 $36,370.9 $41,378.2
Stockholders' Equity $ 5,086.2 $ 4,624.1 $ 5,291.2
</TABLE>
