Repsol, by means
of Repsol International Finance B.V., has issued $300 million of 10 year notes.
The issue represents the first use of the program of Medium Term Notes,
previously registered with the Securities and Exchange Commission.
This
issue, the first by a Spanish Corporate in the United States, offers a yield of
7%, or 55 basis points over the 10-year old U.S. Treasury note for the same
term. This is the lowest that has been attained in issues by a Spanish
institution in this market.
The issue will be due in one payment on
August 1, 2005. Interest on the notes is payable semi-annually on February 1 and
August 1 of each year, commencing February 1, 1996. This issue is rated AA- by
Standard & Poor's Corporation and AA3 by Moody's Investor
Service.
J.P. Morgan Securities Inc. is Lead Manager for this isssue and
Goldman Sachs, Lehman Brothers and Solomon Brothers are Co-Managers.
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