COCA-COLA ENTERPRISES <CCE> SELLS DEBT
Coca-Cola Enterprises Inc is raising
600 mln dlrs through offerings of 10-year notes and debentures
due 2017, said lead manager Salomon Brothers Inc.
    A 300 mln dlr issue of notes was given a 7-7/8 pct coupon
and priced at 99.65 to yield 7.926 pct, or 70 basis points over
Treasuries. The notes are non-callable for seven years.
    An equal-sized offering of debentures was assigned an 8-3/4
pct coupon and priced at 99.40 to yield 8.807 pct, or 115 basis
points over the off-the-run 9-1/4 pct Treasury bonds of 2016.
Non-refundable for 10 years, the debentures will be subject to
a sinking fund beginning in 1998.
    The sinking fund for the debentures will retire five pct of
them a year. The issuer has an option to increase the sinker by
200 pct, giving the debentures an estimated average life of
21.5 years, Salomon said.
    Moody's Investors Service Inc rates the issue A-2, compared
to a AA-minus rating by Standard and Poor's Corp.
    Allen and Co Inc and Merrill Lynch Capital Markets
co-managed the two issues, which were each increased from
initial offerings of 250 mln dlrs.
 Reuter
