Fieldcrest Cannon Inc is raising 110mln dlrs through an offering of convertible subordinated
debentures due 2012 with a six pct coupon and par pricing, said
sole underwriter Kidder, Peabody and Co Inc.
    The debentures are convertible into the company's common
stock at 44.25 dlrs per share, representing a premium of 26.43
pct over the stock price when terms on the debt were set.
    Non-callable for two years, the debt is rated Ba-2 by
Moody's Investors Service Inc and BB-minus by Standard and
Poor's Corp. The issue was increased from an initial offering
of 100 mln dlrs because of investor demand.
 Reuter
