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PRESS RELEASE July 23, 1970

World Bank Announces Public Offering of $200 Million 25-Year Bond Issue

"Morgan Stanley & Co. Incorporated and The First Boston Corporation, as managers of a nationwide underwriting group, announce the public offering of $200,000.000 International Bank for Reconstruction and Development (World Bank) Twenty-Five Year 8-5/8 per cent Bonds of 1970, due August 1, 1995, at 100 per cent.

"The bonds are not redeemable prior to February 1, 1983. They are redeemable on or after February 1, 1983 at the option of the Bank as a whole or in part at any time at 102 per cent to and including July 31, 1986 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 "Guidelines for Non-Bank Financial Institutions", issued by the Federal Reserve System on December 17, 1969, place no restraint on purchases of the bonds. Thus, no guideline restrictions affect purchases by non-bank financial institutions, including trust companies or trust departments of commercial banks."

 


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