"An underwriting group of investment firms and commercial banks, headed jointly by The First Boston corporation and Morgan Stanley & co., plan to offer tomorrow, January 24, 1962, a new issue of $100 million 4-1/21%, Twenty-Year Bonds of International Bank for Reconstruction and Development. The Bonds will be due February 1, 1982. They will be priced at 100% and accrued interest to yield 4-1/2% maturity.
"The Bonds will not be redeemable prior to February 1, 1972. From February 1, 1972 the Bonds will be subject to optional redemption at prices ranging from 102-1/2% to par. As a sinking fund, the Bank will retire $5 million of the Bonds on or before August 1 in each of the years 1972 through 1981. The sinking fund is calculated to retire 50% of the issue prior to maturity.
"As in the case of other World Bank issues recently sold in this country, the Bank is offering certain institutional investors the privilege of taking delayed delivery of the Bonds on one or more quarterly dates from May 1, 1962 through February 1, 1964. A commitment fee at the rate of 3/4% per annum from February 8, 1962 will be paid by the Bank under delayed delivery contracts.
