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Pricing Supplement dated May 15, 2008 | | Rule 424(b)(2) |
(To Prospectus dated November 16, 2006 and | | File No. 333-138755 |
Prospectus Supplement dated November 16, 2006) | | Cusip No. 88319QM67 |
Textron Financial Corporation
Medium-Term Notes, Series F
Due Nine Months or More from Date of Issue
Textron Financial Canada Funding Corporation
Medium-Term Notes, Series F-CAD
Due Nine Months or More from Date of Issue
Fully and Unconditionally Guaranteed
by
Textron Financial Corporation
Floating Rate
Issuer: Textron Financial Corporation
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Principal Amount: $25,000,000 | | Initial Interest Rate: To be determined |
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Agent’s Discount or Commission: $15,000 | | Original Issue Date: May 22, 2008 |
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Net Proceeds to Issuer: $24,985,000 | | Stated Maturity Date: August 22, 2009 |
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CALCULATION OF REGISTRATION FEE
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Title of each class | | Maximum Aggregate | | | Amount of | |
of securities offered: | | Offering Price (1): | | | Registration Fee | |
Medium-Term Notes, Series F due August 22, 2009 | | $ | 25,000,000 | | | $ | 982.50 | |
TOTAL | | | | | | $ | 982.50 | |
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(1) | | Excludes accrued interest, if any. |
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Interest Category |
þ | | Regular Floating Rate Note |
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o | | Floating Rate/Fixed Rate Note Fixed Rate Commencement Date: Fixed Interest Rate: % |
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o | | Inverse Floating Rate Note o Fixed Interest Rate: % |
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Interest Rate Basis or Bases: | | |
o | | CD Rate | | o | | Federal Funds Rate | | o | | Prime Rate |
o | | CMT Rate | | þ | | LIBOR | | o | | Other (see attached) |
o | | Commercial Paper Rate | | o | | Treasury Rate | | | | |
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If LIBOR: |
o | | LIBOR Reuters Page: |
þ | | LIBOR Telerate Page: 3750 |
| | LIBOR Currency: US$ |
If CMT Rate:
| | | | |
| | CMT Telerate Page: |
| | o | | Telerate Page 7051 |
| | o | | Telerate Page 7052 |
| | | | o Weekly Average |
| | | | o Monthly Average |
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Spread (+/-): +85 bps | | Maximum Interest Rate: % |
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Spread Multiplier: N/A | | Minimum Interest Rate: % |
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Index Maturity: 3 month | | |
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Initial Interest Reset Date: August 22, 2008 | | |
Interest Reset Dates: Quarterly on the 22nd of February, May, August and November commencing on August 22, 2008
Interest Payment Dates: Quarterly on the 22nd day of February, May, August and November beginning on August 22, 2008 subject to Modified Following Business Day
Interest Determination Dates: Two London business days prior to each Interest Reset Date
Regular Record Date(s):
Calculation Agent (if other than Bank of New York Mellon):
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Day Count Convention: |
þ | | Actual/360 for the period from May 22, 2008 to August 22, 2009 |
o | | Actual/Actual for the period from ___to ___ |
o | | 30/360 for the period from ___to ___ |
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Redemption: |
þ | | The Notes cannot be redeemed prior to the Stated Maturity Date. |
o | | The Notes can be redeemed prior to Stated Maturity Date. |
| | Initial Redemption Date: |
| | Initial Redemption Percentage: ___% |
| | Annual Redemption Percentage Reduction: ___% until Redemption Percentage is 100% of the Principal Amount. |
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Optional Repayment: |
þ | | The Notes cannot be repaid prior to the Stated Maturity Date. |
o | | The Notes can be repaid prior to the Stated Maturity Date at the option of the holder of the Notes. |
| | Optional Repayment Date(s): |
| | Optional Repayment Price(s): |
Specified Currency (if other than U.S. dollars):
Authorized Denomination (if other than $1,000 and integral multiples thereof):
Exchange Rate Agent:
Original Issue Discount:o Yes þ No
Issue Price: %
Total Amount of OID:
Yield to Maturity: %
Initial Accrual Period OID:
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Agent: |
o | | Merrill Lynch, Pierce, Fenner & Smith Incorporated | | o | | HSBC Securities (USA) Inc. |
o | | Banc of America Securities LLC | | þ | | J.P. Morgan Securities Inc. |
o | | Barclays Capital Inc. | | o | | Tokyo-Mitsubishi International plc |
o | | Citigroup Global Markets Inc. | | o | | UBS Securities LLC |
o | | Credit Suisse First Boston LLC | | o | | Wachovia Securities Inc. |
o | | Deutsche Bank Securities Inc. | | o | | Other: |
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Agent acting in the capacity as indicated below: |
þ | | Agent o Principal |
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If as Principal: |
o | | The Notes are being offered at varying prices related to prevailing market prices at the time of resale. |
o | | The Notes are being offered at a fixed initial public offering price of 100% of the Principal Amount. |
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If as Agent: |
| | The Notes are being offered at a fixed initial public offering price of 100% of the Principal Amount. |
Other provisions:
Terms are not completed for certain items above because such items are not applicable.
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