O'BRIEN ENERGY <OBS> SELLS CONVERTIBLE DEBT
O'Brien Energy Systems Inc is raising
25 mln dlrs through an offering of convertible subordinated
debentures due 2002 with a 7-3/4 pct coupon and par pricing,
said sole underwriter Drexel Burnham Lambert Inc.
    The debentures are convertible into the company's common
stock at 10.925 dlrs per share, representing a premium of 15
pct over the stock price when terms on the debt were set.
    Non-callable for three years, the debt is rated B-3 by
Moody's and CCC-plus by Standard and Poor's. The issue was
increased from an initial offering of 20 mln dlrs because of
investor demand.
 Reuter
