BT SECURITIES ANNOUNCES PRICING OF $650 MILLION TWO-PART OFFERING BY AMERICAN STANDARD INC.
NEW YORK, May 24 /PRNewswire/ -- BT Securities today announced the pricing of American Standard Inc.'s $650 million two-pt? offering of senior subordinated notes and senior subordinated discount debentures. BT Securities is lead underwriter of the offering. The $200 million eight-year senior subordinated notes are priced at par to yield 9-7/8 percent and the $450 million twelve-year senior subordinated discount debentures are priced at $59.948 to yield 10-1/2 percent. Both issues are rated single-B1 by Moody's Investors Service Inc. and single-B by Standard & Poor's Corp. Proceeds of the offering will be used to redeem all of American Standard's outstanding 12-7/8 percent senior subordinated debentures due 2000 and about $56 million of the company's 14-1/4 percent subordinated discount debentures, all issued in 1988. -0- 5/24/93 /CONTACT: Suzanne Quigley of Bankers Trust New York Corporation, 212-454-1615/
CO: American Standard Inc.; Bankers Trust Securities ST: New York IN: SU: OFR
WB-OS -- NY072 -- 3409 05/24/93 14:31 EDT
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|Date:||May 24, 1993|
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