"Morgan Stanley & Co. and The First Boston Corporation, as Managers of the underwriting group, announce the public offering today (January 14) of $200,000,000 International Bank for Reconstruction and Development (World Bank) 4½ percent Twenty-Five Year Bonds, due February 1, 1990, at 100-3/8 percent to yield 4. 475 percent to maturity. This is the first World Bank issue offered in the United States since January 1962.
"The Bonds will not be redeemable prior to February 1, 1975; thereafter, Bonds will be subject to optional redemption at prices ranging from 102½ percent to 100 percent after January 31, 1985. As a sinking fund, the Bank will retire $6 million of the Bonds on or before August l in each of the years 1975 through 1979 and $7 million in each of the years 198o through 1989. The sinking fund redemption prices will range between 100.27 percent and 100 percent. The sinking fund is calculated to retire 50 percent of the issue prior to maturity.
"The net proceeds to the Bank from the sale of the Bonds will be used in the general operations of the Bank.
"The World Bank is an international institution, the members of which are 102 governments. Among its principal purposes are to assist in the development of its member countries by facilitating the investment of capital for productive purposes, thereby promoting the improvement of standards of living."