HECHINGER <HECHA> SELLS CONVERTIBLE DEBENTURES
Hechinger Co is raising 125 mln dlrs
through an offering of convertible subordinated debentures due
2012 with a 5-1/2 pct coupon and par pricing, said sole
underwriter Morgan Stanley and Co Inc.
    The debentures are convertible into the company's common
stock at 27.84 dlrs per share, representing a premium of 28 pct
over the stock price when terms on the debt were set.
    Non-callable for two years, the debt is rated Baa-3 by
Moody's and BBB-plus by Standard and Poor's. The issue was
increased from an initial offering of 100 mln dlrs. Earlier
this week, Moody's and S and P upgraded the company's debt.
 Reuter
