TORCHMARK <TMK> SELLS SINKING FUND DEBENTURES
Torchmark Corp is raising 200 mln dlrs
through an offering of sinking fund debentures due 2017
yielding 8.65 pct, said lead manager First Boston Corp.
    The debentures have an 8-5/8 pct coupon and were priced at
99.73 to yield 100 basis points over the off-the-run 9-1/4 pct
Treasury bonds of 2016.
    Non-refundable for 10 years, the issue is rated A-2 by
Moody's and AA by Standard and Poor's.
    A sinking fund starts in 1998 to retire 76 pct of the
debentures by maturity, giving them an estimated maximum life
of 22.4 years. Merrill Lynch co-managed the deal.
 Reuter
