NORFOLK <NSC> UNIT SELLS EQUIPMENT CERTIFICATES
Southern Railway Co, a unit of Norfolk
Southern Corp, is raising 20.6 mln dlrs through an offering of
equipment trust certificates due 1988 to 2002, said lead
manager Morgan Stanley and Co Inc.
    Morgan headed a syndicate that won the certificates in
competitive bidding. It bid them at 98.252 and set a 7-1/4 pct
coupon and various reoffering prices for the maturities. Yields
range from 6.20 to 7-3/4 pct.
    Non-callable for life, the certificates are rated a
top-flight AAA by both Moody's and Standard and Poor's. Kidder
Peabody is co-managing the issue.
 Reuter
