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GENERAL AMERICAN TRANSPORTATION TO ISSUE $60 MILLION IN PASS THROUGH CERTIFICATES

 GENERAL AMERICAN TRANSPORTATION TO ISSUE $60 MILLION
 IN PASS THROUGH CERTIFICATES
 CHICAGO, Aug. 6 /PRNewswire/ -- General American Transportation Corp., a unit of GATX Corp. (NYSE: GMT), priced yesterday $60 million of pass through certificates. The proceeds of this offering will be used for general corporate purposes.
 The $60 million issue of 7.80 percent pass through certificates, due Feb. 11, 2013, was priced at 100.0 to yield 7.80 percent. The 20.5-year certificates were priced at a spread of 117 basis points above Treasury's 10-year bond, and had a weighted average life of approximately 14 years. Rated A3 by Moody's Investors Service Inc., and A- by Standard & Poor's Corp., the issue was sold through Salomon Brothers Inc. as lead manager, and Morgan Stanley & Co. as co-manager.
 The company stated that this is the first railcar pass through certificate financing issued under a shelf registration. Working with its underwriters, the company stated that this type of financing represents GATX's innovative approach to maximizing the value of its long-term assets.
 General American Transportation Corp. is a wholly-owned subsidiary of GATX, and is engaged in railcar leasing and management. GATX Terminals Corp., a wholly-owned subsidiary of General American Transportation Corp., is engaged in the operation of public bulk liquid terminals and domestic pipeline systems. The company is the largest lessor of railroad tank cars in the United States, and GATX Terminals is the largest independent operator of public bulk liquid terminals in the world.
 -0- 8/6/92
 /CONTACT: George S. Lowman of General American Transportation Corp., 312-621-6599/
 (GMT) CO: General American Transportation Corp.;GATX Corp. ST: Illinois IN: TRN SU: OFR


TM -- NY113 -- 7835 08/06/92 19:24 EDT
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Publication:PR Newswire
Date:Aug 6, 1992
Words:280
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