MANUFACTURERS<MHC> SELLS 2-YEAR EXTENDABLE NOTES
Manufacturers Hanover Corp is offering
200 mln dlrs of two-year senior extendable notes with a final
maturity of 1993 yielding 8.30 pct, said lead manager Shearson
Lehman Brothers Inc.
    The notes have an 8-1/4 pct coupon and were priced at 99.90
to yield 85 basis points more than the when-issued two-year
Treasury note.
    After two years, holders can sell the notes back to
Manufacturers at par. In 1989 and every year until 1993, the
issuer will conduct an open reset on the yields of those notes
not sold back to it, Shearson said.
    Moody's Investors Service Inc rates the Manufacturers issue
A-3, compared to an A grade by Standard and Poor's Corp.
    The gross spread is 3.50 dlrs, the selling concession is
two dlrs and the reallowance is 1.25 dlrs. First Boston,
Prudential-Bache and Salomon Brothers co-managed the deal.
 Reuter
