ON-LINE <OSII> SELLS CONVERTIBLE DEBENTURES
On-Line Software International Inc is
raising 40 mln dlrs through an offering of convertible
subordinated debentures due 2002 with a 6-1/4 pct coupon and
par pricing, said lead manager Drexel Burnham Lambert Inc.
    The debentures are convertible into the company's common
stock at 27.61 dlrs per share, representing a premium of 25.5
pct over the stock price when terms on the debt were set.
    Non-callable for two years, the debt is rated B-3 by
Moody's and CCC-plus by Standard and Poor's. Donaldson Lufkin
co-managed the deal, which was increased from an initial
offering of 30 mln dlrs.
 Reuter
