REYNOLDS METALS <RLM> REGISTERS DEBENTURES
Reynolds Metals Co said it filed
a registration statement with the securities and exchange
commission covering a planned offering of 200 mln dlrs of
convertible subordinated debentures due April 1, 20012.
    The company said underwriters, led by Goldman Sachs and Co,
will be granted an option to purchase up to an additional 30
mln dlrs of debentures to cover over allotments.
    Reynolds said its proceeds will be used to refinance
certain long-term debt. Application has been made to list the
debentures on the New York Stock Exchange.
    Reynolds said the debentures, which will be offered in
denominations of 1,000 dlrs, may be converted into Reynolds
common and are redeemable in whole or in part at the option of
the company after Apil 1, 1989. They have a sinking fund
requirement starting in 1998 calculated to retire at least 70
pct of the debentures prior to maturity.
 Reuter
