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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: reaper who wrote (208337)	12/8/2002 9:40:13 AM
From: orkrious	Respond to of 436258

ork, that article is precisely correct see my post from a few days ago... reaper, in your example, don't the earnings from the pension fund go to the pension fund beneficiaries?

To: reaper who wrote (208337)	12/9/2002 10:06:19 AM
From: who cares?	Read Replies (2) \| Respond to of 436258

Sears Unit to Sell Up to $2 Bln of Debt to Individual Investors New York, Dec. 9 (Bloomberg) -- Sears Roebuck Acceptance Corp., the finance unit of the largest U.S. department-store merchant, will sell as much as $2 billion of debt in $1,000 increments to individual investors. Banc of America Securities LLC and fixed-income underwriter Incapital LLC will manage the sale of the debt, called Internotes, which are offered with a variety of maturities and interest rates, Sears said in a statement. The Sears, Roebuck & Co. unit, which typically raises money from institutional investors, joins GE Capital and CIT Group Inc. in starting Internotes programs within the past five weeks. By targeting individual investors, companies can diversify their sources of funding and oftentimes borrow at lower rates. DaimlerChrysler AG and Dow Chemical Co. are among the nine companies that sell Internotes. The offerings, which total more than $1 billion a month, are priced on Mondays. Investors have a week to buy the debt at the posted price. Sears' notes will be distributed through brokers including A.G. Edwards & Sons Inc., Banc One Capital Markets, Merrill Lynch & Co., Morgan Stanley, UBS PaineWebber and U.S. Bancorp Piper Jaffray. Sears Roebuck Acceptance and its parent carry investment- grade credit ratings of Baa1 at Moody's Investors Service and A- at Standard & Poor's. The company has a combined $11 billion of notes and bonds outstanding, according to Bloomberg data. Sears Roebuck Acceptance's 6.7 percent notes maturing in 2012 trade at about $940 per $1,000 of face value, for a yield of 7.61 percent. The spread, or premium to U.S. Treasury yields, is 3.54 percentage points. --Heather Landy in the New York newsroom (212) 893-4202 or hlandy@bloomberg.net. Editor: Burgess