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PRESS RELEASE August 22, 1967

World Bank Announces Public Offering of $150 Million 26-Year Bond Issue

"The First Boston Corporation and Morgan Stanley & Co., as managers of a nation-wide underwriting group, announce the public offering of $150,000,000 International Bank for Reconstruction and Development (World Bank) twenty-six year 5-7/8 per cent bonds, due September 1, 1993, at 99 per cent to yield 5.95 per cent.

"The bonds are not redeemable prior to September 1, 1977. They are redeemable on or after September 1, 1977 at the option of the Bank as a whole or in part at any time at 102 per cent to and including August 31, 1982 and at decreasing prices thereafter; and through operations of the sinking fund at 100 per cent, together each cue with accrued interest.

“The net proceeds to the Bank of the sale of the bonds to the underwriters 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", 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. Since the Bank has an issue of bonds in the principal amount of $150,000,000 maturing in May 1968, the issuance of the Bonds is likely to have a minimal impact on the balance of payments of the United States during the Bank's 1968 fiscal year as a whole."

 


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