A domestic borrowing consisting of $300 million principal amount of 11-5/8% Ten Year Notes due December 15, 1994 was announced today by the International Bank for Reconstruction and Development (World Bank).
The notes were offered at 99.85% by Merrill Lynch White Weld Capital Markets Group, Salomon Brothers Inc., Morgan Stanley & Co. Incorporated, the First Boston Corporation and Goldman, Sachs & Co. The yield to subscribing investors was 11.65%.
The net proceeds to the World Bank from the sale of the notes will be used in the general operations of the Bank.
The notes are non-redeemable prior to maturity.
The Bank is headquartered in Washington. D.C. and has been in operation since June 1946. Its membership comprises 148 governments. The principal purpose of the Bank is to promote the economic development of its member countries in the interest of fostering the long-term growth of international trade and improved living standards. Its principal activity is providing loans for specific projects and related technical assistance. From its establishment to September 30, 1984, the Bank had approved loans in the aggregate amount of $103.5 billion to finance projects or programs in 102 countries.