FLETCHER CHALLENGE UNIT SELLS 10-YEAR NOTES
Fletcher Challenge Finance USA Inc, a
unit of Fletcher Challenge Ltd, is raising 190 mln dlrs via an
offering of notes due 1997 yielding 9.28 pct, said sole manager
First Boston Corp.
    The notes have a 9-1/4 pct coupon and were priced at 99.80
to yield 105 basis points more than comparable Treasury
securities.
    Non-callable to maturity, the issue is rated a top-flight
Aaa by Moody's and Standard and Poor's. The gross spread is
6.50 dlrs, the selling concession is four dlrs and the
reallowance is 2.50 dlrs.
 Reuter
