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CITICORP ANNOUNCES $55 MILLION SECURITIZATION FOR VARIG

 CITICORP ANNOUNCES $55 MILLION SECURITIZATION FOR VARIG
 NEW YORK, Jan. 8 /PRNewswire/ -- Citicorp (NYSE: CCI) announced


today a $55 million securitization of future U.S. dollar credit card receivables for Varig, the Brazilian airline. Receivables created by Varig ticket sales in the United States using Diners Club, Visa, MasterCard, and other credit cards were sold to a special purpose vehicle which issued floating rate notes secured by the receivables.
 The transaction, the first globally placed securitization for a Brazilian company, was placed with institutional investors in Europe and Japan, as well as in the United States through a 144A exemption. Placement agents for the deal were Citicorp Investment Bank Limited and Citicorp Securities Markets, Inc. Citibank acted as arranger.
 Varig, which is Latin America's biggest airline in terms of routes and fleet, is also the largest airline in Brazil.
 -0- 1/8/92
 /CONTACT: Mark Rodgers of Citicorp, 212-559-1719/
 (CCI) CO: Citicorp; Varig ST: New York IN: FIN AIR SU:


CK-TS -- NY085 -- 7754 01/08/92 11:47 EST
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Jan 8, 1992
Words:169
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