Essex Chemical Corp is raising 60 mlndlrs via an offering of convertible subordinated debentures due
2012 with a six pct coupon and par pricing, said lead manager
Thomson McKinnon Securities Inc.
    The debentures are convertible into the company's common
stock at 40 dlrs per share, representing a premium of 23.6 pct
over the stock price when terms on the debt were set.
    Non-callable for two years, the issue is rated B-1 by
Moody's Investors Service Inc and B by Standard and Poor's
Corp. PaineWebber Inc co-managed the deal.
 Reuter
