JOHN MOWLEM ARRANGES 50 MLN STERLING CP PROGRAM
John Mowlem Plc, the U.K. Building and
construction company, has arranged a 50 mln stg commercial
paper program, with an option to issue notes in U.S. Dollars,
Mowlem treasurer Philip Ridal said.
    He said the company hopes to make the first drawings in May
to take advantage of lower borrowing costs and the greater
flexibility afforded by this program. It also should increase
the company's arbitrage opportunities, he added.
    The program was arranged by Kleinwort Benson Ltd, which
will act as a dealer along with Morgan Grenfell and Co Ltd and
Swiss Bank Corp International Ltd.
    The sterling notes will be sold in denominations of one mln
and 500,000 stg and will have maturities of seven to 364 days.
    Ridal said the new program will complement a note issuance
facility the company arranged last year and also increase the
investor base.
 REUTER
