NOBLE AFFILIATES <NBL> SELLS CONVERTIBLE DEBT
Noble Affiliates Inc is raising 100 mln
dlrs via an offering of convertible subordinated debentures due
2012 with a 7-1/4 pct coupon and par pricing, said lead
underwriter Morgan Stanley and Co Inc.
    The debentures can be converted into the company's common
stock at 19.625 dlrs per share, representing a premium of 25.6
pct over the stock price when terms on the debt were set.
    Non-callable for three years, the issue is rated Baa-3 by
Moody's and BBB-plus by Standard and Poor's. Noble Affiliates
is also offering 125 mln dlrs of 10-1/8 pct notes due 1997
through a group led by Morgan Stanley.
 Reuter
