North American Philips Corp is raising100 mln dlrs via an offering of debentures due 2017 yielding
8.809 pct, said sole manager Morgan Stanley and Co Inc.
    The debentures have an 8-3/4 pct coupon and were priced at
99.375 to yield 125 basis points over the off-the-run 9-1/4 pct
Treasury bonds of 2016.
    The issue is non-refundable for 10 years. A sinking fund
that starts in 1998 to retire five pct of the debentures
annually can be increased by 200 pct at the company's option.
Moody's rates the debentures A-2 and Standard and Poor's rates
them A-minus.
 Reuter
