AANCOR UNIT SELLS PRIORITY SUBORDINATED NOTES
National Gypsum Co, a unit of Aancor
Holdings Inc, said it is offering 300 mln dlrs of priority
senior subordinated notes due 1997 with an 11-3/8 pct coupon
and par pricing.
    Non-redeemable for five years, the issue is rated B-2 by
Moody's Investors Service Inc and B by Standard and Poor's
Corp.
    A sinking fund starts in 1994 to retire 75 pct of the notes
by maturity. Proceeds will be used to terminate the company's
current revolving credit facility. Goldman, Sachs and Co and
Merrill Lynch Capital Markets underwrote the deal.
 Reuter
