"Morgan Stanley & Co. and The First Boston Corporation, as managers of a nationwide underwriting group, announce the public offering of $250,000,000 International Bank for Reconstruction and Development (World Bank) twenty-five year 5-3/8 per cent bonds, due April 1, 1992, at 100-3/8 per cent to yield 5.35 per cent.
"The bonds are not redeemable prior to April 1, 1977. They are redeemable on or after April 1, 1977 at the option of the Bank as a whole or in part at any time at 102.50 per cent to and including March 31, 1982 and at decreasing prices thereafter; and through operations of the sinking fund at 100.28 per cent to and including October 1, 1981 and at decreasing prices thereafter, together in each case with accrued interest.
"The net proceeds to the Bank of the sale of the bonds to the underwriters and under the contracts for delayed delivery will be used in the general operations of the Bank.
"The bonds being offered are not subject to the Interest Equalization Tax. Furthermore, the 1967 "Guidelines for Nonbank Financial Institutions", issued by the Federal Reserve System in December 1966, place no restraint on purchases of the bonds. Thus no guideline restrictions affect purchases by nonbank financial institutions, including trust companies or trust departments of commercial banks.
"In addition to the initial delivery of the bonds, which is expected on 1967, bonds will also be offered for sale on a delayed delivery basis.”
