The International Bank for Reconstruction and Development (World Bank) announced today a Eurodollar borrowing consisting of $300,000,000 principal amount of 11% Seven-Year Notes of 1985, due February 6, 1992. The issue was offered at 99.50% and is non-callable. The initial yield to subscribing investors was 10.81% on a semiannual equivalent basis.
The borrowing was lead managed by Deutsche Bank Aktiengesellschaft, with Credit Suisse First Boston and Nomura International Limited as co-lead managers and Algemene Bank Nederland N.V., Banque Nationale de Paris, Banque Paribas, Goldman Sachs International Corp., Merrill Lynch International & Co., Morgan Guaranty Ltd, Morgan Stanley International, Orion Royal Bank Limited, Salomon Brothers International Limited, Societe Generale de Banque S.A., Swiss Bank Corporation International Limited, Union Bank of Switzerland (Securities) Limited and S.G. Warburg & Co. Ltd. as co-managers.
The net proceeds to the World Bank from this borrowing will be used in the general operations of the Bank.
The World Bank is headquartered in Washington, D.C. and has been in operation since June 1946. Its membership comprises 148 countries around the world. 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 standards of living. Its principal activity is providing loans for specific projects and related technical assistance. From its establishment to September 30, 1984, the Bank had approved loan commitments in an aggregate principal amount equivalent to about $103.5 billion to finance programs and projects in 102 countries.