Union Carbide.

Union Carbide announced a $400 million, two-part public offering of debt securities. It consists of $150 million principal amount of 7.50 percent 30-year debentures due June 1, 2025; and of $250 million principal amount of 6.79 percent 30-year debentures due June 1, 2025, with a one-time option for investors to redeem the bonds on June 1,2005. This offering is said to allow the company to lengthen its debt maturities at the same time it: educes its long-term interest costs. Union Carbide's board c,f directors authorized the repurchase of up to 10 million additional shares of Carbide stock over an unlimited period. The company said it has been repurchasing the shares to minimize future earnings dilution resulting from its dividend reinvestment program and certain employee benefits, chiefly the exercise of stock options, as well as to take advantage of favorable market and corporate cash flow conditions. Union Carbide also announced that it will sell all or nearly all of its 8.9 million shares in UCAR International as part of UCAR's initial public offering. Union Carbide expects to realize net cash proceeds of about $200 million from the sale.