"The First Boston Corporation and Morgan Stanley & Co. as managers of a nationwide underwriting group announce the public offering of $250 million International Bank for Reconstruction and Development (World Bank) twenty-six year 6 3/8 per cent bonds of 1968: due October 1, 1994, at 99 1/4 per cent to yield 6.435 per cent.
"The bonds are not redeemable prior to April 1, 1981. They are redeemable on and after April 1, 1981 at the option of the Bank as a whole or in part at any time at 101 1/4 per cent to and including September 30, 1984 and at decreasing prices thereafter; and through operations of the sinking fund at 100 per cent, 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 revised 1968 "Guidelines for Non-Bank Financial Institutions" issued by the Federal Reserve System on January 1, 1968 place no restraint on purchases of the bonds by institutions to which the guidelines apply. Thus, no guideline restrictions affect purchases by non-bank financial institutions including trust companies or trust departments of commercial banks.
"In addition to the initial delivery of the bonds which is expected on October 2, 1968, bonds will also be offered for sale on a delayed delivery basis through the underwriters, to certain institutional purchasers. Delayed delivery sales will be made under contracts providing for delivery on January 15. 1969. July 9, 1969. January 14, 1970 and July 8. 1970.
"The International Bank for Reconstruction and Development is an international institution, the members of which are governments now numbering 109. Its principal purpose is to assist the economic development of its member countries by facilitating the investment of capital for productive purposes thereby promoting the long-range growth of international trade and the improvement of standards of living; to promote private foreign investment; and when private capital is not available on reasonable terms to supplement private investments by making loans for productive purposes out of its own resources or funds borrowed by it.”