PRICING SUPPLEMENT NO. 95-46 Dated August 22, 1996 Rule 424(b) (2)
To Prospectus Supplement Dated March 2, 1995 File No. 33-57541
BENEFICIAL CORPORATION
Medium-Term Notes, Series H
(Book Entry Notes)
Merrill Lynch & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated,
purchased $25,000,000 principal amount of these Medium-Term Notes, Series
H, maturing on August 27, 1999, at a principal price of $24,979,397.50 for
resale to investors from time to time at prices based on market conditions
at the time of resale.
Floating Rate Notes Due 9 Months or More from Date of Issue
Maturity Date: August 27, 1999 Interest Payment Period:
Quarterly
Interest Rate Basis:
Federal Funds Rate (Weekly Interest Reset Period:
Average) as defined below. Weekly
Specify Other Base Rate: N/A Interest Reset Dates:
Wednesday of each week (as
Index Maturity: N/A further described in the
Prospectus Supplement), through
Spread: plus 0.25% the Maturity Date.
Spread Multiplier: N/A Settlement Date (Issue Date):
August 27, 1996
Maximum Interest Rate: N/A
Calculation Agent:
Interest Payment Dates: Chase Manhattan Bank, N.A.
The 27th of each February, May,
August and November, commencing Optional Repayment Date(s):
on November 27, 1996 through N/A
and including the Maturity Date.
Additional Terms:
Initial Interest Rate: For the purposes of the Notes
Determined as if the Settlement contemplated hereunder,
Date was an Interest Reset Date. interest payments will
include interest accrued to
Interest Determination Date: but excluding, the Interest
Same as Interest Reset Date. Payment Date.
Additional Terms:
The "Federal Funds Rate (Weekly Average)" means, with respect to any
Interest Determination Date (in the following order of priority):
(i) the weekly average rate (expressed as a percentate per annum) that
is published in H.15(519) under the heading "Federal Funds (Effective)"
for the week ending next preceding the Interest Determination Date.
(ii) or, if not so published by 3:00 P.M., New York City time, on the
Calculation Date pertaining to such Interest Determination Date, then the
Federal Funds Rate (Weekly Average) shall be the rate (expressed as a
percentage per annum) that appears, at 11:00 a.m. (New York City time) on
the Federal Funds Rate Interest Determination Date, on Telerate Page 122
(as defined below) opposite the caption "FEDERAL FUNDS" for the week
ending on (and including) the Wednesday preceding such Federal Funds Rate
Interest Determination Date, (the "Seven-Day Period");
(iii) if such rate does not so appear on Telerate Page 122 at 11:00 A.M.
New York City time, on the Federal Funds Rate Interest Determination Date,
then the Federal Funds Rate (Weekly Average) will be the arithmetic mean
determined by the Calculation Agent of the rate, determined in the manner
described in subclauses (y) and (z) below (as applicable), for each day in
the Seven-Day Period (each a "Day Rate"), provided that the Calculation
Agent determines a Day Rate for each day in the Seven-Day Period;
(y) The Day Rate for a Business Day will be the Federal Funds Rate
as further defined in the Prospectus.
(z) The Day Rate for day that is not a Business Day will be the rate
applied to the next preceding Business Day, whether or not such Business
Day falls within such Seven-Day Period, determined in accordance with
the provisions of subclause (y) above.
(iv) if the Federal Funds Rate (Weekly Average) can not be determined
by the Calculation Agent pursuant to clauses (i), (ii) or (iii) above,
then the Federal Funds Rate (Weekly Average) shall be the Federal Funds
Rate (Weekly Average) applied to the next preceding Interest Reset Date.
"Telerate Page 122" means the display designated as "Page 122" (or such
other page selected by the Calculation Agent as may replace Page 122 for
the purpose of displaying weekly average federal funds rate) on the Dow
Jones Telerate Service (or such other service selected by the Calculation
Agent as may replace such service).
