REYNOLDS METALS <RLM> SELLS CONVERTIBLE DEBT
Reynolds Metals Co is raising 200 mln
dlrs through an offering of convertible subordinated debentures
due 2012 with a six pct coupon and par pricing, said sole
manager Goldman, Sachs and Co.
    The debentures are convertible into the company's common
stock at 76.50 dlrs per share, representing a premium of 21.91
pct over the stock price when terms on the debt were set.
    Non-callable for two years, the issue is rated Ba-3 by
Moody's Investors and B-minus by Standard and Poor's.
    Proceeds will be used to refinance certain long-term debt,
Reynolds Metals said.
 Reuter
