FIRST COLONY CORPORATION $255 MILLION ALL PURPOSE SHELF REGISTRATION RATED 'AA'
CHICAGO, May 25 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has assigned a preliminary `AA' (Double-A) senior debt rating to First Colony Corporation's (FCC) all purpose shelf registration. This is Duff & Phelps initial rating of FCC's debt. By the nature of the registration, FCC may offer a combination of debt and preferred stock up to a limit of $255 million. The net proceeds from the sale of securities are expected to be used to refund $250 million in bank debt taken down by FCC in connection with Ethyl Corporation's 20 percent public offering of FCC in December 1992 and the intended spin-off of its remaining holdings in its life insurance operations on July 1, 1993, in the form of a tax-free dividend to Ethyl shareholders. FCC obtained the $250 million two-year bank loan, in order to pay a $250 million special dividend to Ethyl. -0- 5/25/93 /CONTACT: Martha M. Butler, CFA, 312-368-3191, of Duff & Phelps Credit Rating Co./ (FCL)
CO: First Colony Corporation ST: Virginia IN: INS SU: RTG
LR -- NY060 -- 3527 05/25/93 12:29 EDT
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|Date:||May 25, 1993|
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