The following announcement was released today in New York by the First Boston Corporation in connection with the public offering of $50,000,000 25-year, 3% bonds of the International Bank for Reconstruction and Development:
“The Chase National Bank, the First Boston Corporation, C.J. Devine & Co., and Salomon Bros. & Hutzler., as Managers of a group of thirty-two sponsors, have entered into an agreement with the International Bank for Reconstruction and Development under which they are making today (February 28) a public offering of $50,000,000 Twenty-five Year, 3 per cent bonds, at par and accrued interest from March 1, 1951. The First Boston Corporation, is handling the subscription books.
“This is the first financing by the Bank in the American market since January, 1950 and is expected to provide the Bank with sufficient funds for its lending program for a period of several month. Approximately 420 banks and securities dealers are being invited to subscribe to the bonds on selling group terms. About half of the issue will be placed with institutions for the account of the sponsors. The sponsors will receive a fee from the Bank for services and advice, and for the placement of group sales on which no selling concession will be paid by the Bank.
“The new bonds, which are expected to be available for delivery on or about March 8, are to have a sinking fund, beginning in the twelfth year, calculated to retire 50 per cent of the issue prior to maturity. The bonds will be redeemable at the option of the Bank on 45 days’ notice at 102½ through March l, 1956, 102 through March 1, 1961, 101¼ through March 1, 1966, 100-3/4 through March 1, 1971, and at par thereafter.
"In addition to the Managers, the sponsoring group includes:
The First National Bank of Chicago, Halsey, Stuart & Co. Inc., Bankers Trust Co., Morgan Stanley & Co., the National City Bank of New York, J. P. Morgan & Co. Incorporated, Kuhn, Loeb & Co., First National Bank of New York, Manufacturers Trust Co., Chemical Bank & Trust Co., Guaranty Trust Co. of New York, Bank of America N.T. and S.A., Blyth & Co. Inc., Dillon, Read & Co., Inco, Drexel & Co., Glore, Forgan & Co., Goldman, Sachs & Co., Harriman Ripley & Co., Incorporated, Kidder, Peabody & Co.,
Ladenburg, Thalmann & Co., Lazard Freres & Co., Lehman Brothers, Merrill, Lynch, Pierce, Fenner and Beane, Shields & Company., Smith, Barney & Co., Stone & Webster Securities Corporation, Union Securities Corporation, and White, Weld & Co.”