Friday 28th November 2003
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Brokers and institutional investors have so far taken up $45 million for each of the two GCN tranches issued by Global Corporate Credit, while indications of interest have been received for another $10 million.
The first tranche, rated AAA by Standard & Poor's, would pay an interest rate of 7.20%. The second tranche, with a single A rating, would pay an 8.25% interest rate, Global Corporate Credit said.
Public pool applications, including oversubscriptions of up to $100 million, would be made on a first-come, first-served basis, the directors said.
The proceeds of the issue would be invested in medium-term notes to be issued by Structured Investments Corporation, a special purpose vehicle established by Citigroup.
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