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SHAWMUT NATIONAL CORPORATION ISSUES $150 MILLION IN SUBORDINATED DEBT

 HARTFORD, Conn., and BOSTON, April 21 /PRNewswire/ -- Shawmut National Corporation (NYSE: SNC) said today that it issued $150 million in subordinated debt.
 The issue has a 10-year term with a 7.20 percent coupon and is priced to yield 7.228 percent, or 137.50 basis points over comparable U.S. Treasuries. The issue will count toward the corporation's level of total capital. The corporation intends to use the proceeds for general corporate purposes.
 Separately, Standard & Poor's Corp. raised its ratings on Shawmut National senior debt to Triple-B-minus from Double-B-Plus and on its subordinated debt to Double-B-Plus from Double-B-Minus. S&P also upgraded its ratings on Shawmut National's preferred stock to Double-B from Single-B-Plus and on the uninsured certificates of deposit and letters-of-credit-backed issues of Shawmut Bank Connecticut and Shawmut Bank to Triple-B/A-2 from Triple-B-Minus/A-3.
 The lead manager for the subordinated debt offering is Morgan Stanley & Co. Co-managers are First Boston Corp. and Goldman Sachs & Co.
 Shawmut National is a bank holding company with $25 billion in assets. It is a leading provider of financial services to consumers and businesses in southern New England.
 -0- 4/21/93
 /CONTACT: (Investor) Thomas R. Rice, 203-728-4872, or (Media) Robert L. Guenther 203-240-1267/
 (SNC)


CO: Shawmut National Corporation ST: Massachusetts, Connecticut IN: FIN SU: OFR

TM -- NE018 -- 8877 04/21/93 15:18 EDT
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Publication:PR Newswire
Date:Apr 21, 1993
Words:223
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