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PRESS RELEASE April 13, 1977

World Bank Proposes Public Offering of $600 Million Securities

The International Bank for Reconstruction and Development (World Bank) today announced the proposed public offering of $600-million aggregate principal amount of securities, consisting of $200-million Five-Year Notes of 1977, due May 1, 1982, $200 million Ten-Year Notes of 1977, due May 1, 1987 and $200 million Twenty-Five Year Bonds of 1977, due May 1, 2002.

The offering, which is expected to take place during the week of Apri1 18-22, will be made by a nationwide group of underwriters managed by Morgan Stanley & Co. Incorporated, The First Boston Corporation and Salomon Brothers.

Net proceeds to the World Bank from the sale of the notes and bonds will be used in the general operations of the Bank.

The notes will be non-redeemable prior to maturity. The bonds will be non-redeemable prior to November 1, 1989, and will provide for a mandatory sinking fund, calculated to retire 92 percent of the bonds prior to maturity. The Bank has the noncumulative option to increase any sinking fund payment by an amount up to but not exceeding the mandatory sinking fund payment.

The International Bank for Reconstruction and Development, known as the World Bank, is headquartered in Washington, D. C. and has been in operation since June 1946. Its membership comprises 129 governments around the world. The principal purpose of the Bank is to promote the economic development of its member countries, primarily by providing loans for specific projects and related technical assistance, in the interests of promoting long-term growth of international trade and improved standards of living.