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GRAND METROPOLITAN ANNOUNCES U.S. ISSUE OF $800,000,000 OF LONG-TERM DEBT SECURITIES

 GRAND METROPOLITAN ANNOUNCES U.S. ISSUE OF $800,000,000 OF
 LONG-TERM DEBT SECURITIES
 MINNEAPOLIS, Sept. 14 /PRNewswire/ -- Grand Metropolitan PLC ("GrandMet") announced today that its US subsidiary, Grand Metropolitan Investment Corporation ("GMIC") has completed underwriting arrangements for a US offering of $300,000,000 of 7-year Guaranteed Notes, $200,000,000 of 12-year Guaranteed Notes and $300,000,000 of 30-year Guaranteed Debentures. The Notes and Debentures will be unconditionally guaranteed as to payment of principal and interest by GrandMet.
 The offering is being made through an underwriting syndicate managed by Goldman, Sachs & Co., and Morgan Stanley & Co., Incorporated.
 The issue is part of GrandMet's continuing program of refinancing existing debt when market conditions are appropriate, and follows the successful offering of $900 million of long-term debt securities in the US in August 1991. The new debt will replace existing short-term borrowings and takes advantage of the currently attractive market rates while lengthening the maturity profile of the Group's debt.
 Grand Metropolitan PLC, one of the largest international companies in the United Kingdom and a world leader in drinks, retailing and food, has sales of more than $15 billion. US subsidiaries include ALPO Petfoods; Burger King; Carillon Importers; Haagen-Dazs; Heublein; The Paddington Corporation; Pearle, Inc.; Pillsbury; and GrandMet Foodservice USA.
 -0- 9/14/92
 /CONTACT: Bill Bullard of Grand Metropolitan, 612-330-4805/ CO: Grand Metropolitan PLC ST: Minnesota IN: FOD SU:


KH -- MN007 -- 9102 09/14/92 11:20 EDT
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Publication:PR Newswire
Date:Sep 14, 1992
Words:240
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