Southern Railway Co, a unit of NorfolkSouthern Corp, is raising 20.6 mln dlrs through an offering of
equipment trust certificates due 1988 to 2002, said lead
manager Morgan Stanley and Co Inc.
    Morgan headed a syndicate that won the certificates in
competitive bidding. It bid them at 98.252 and set a 7-1/4 pct
coupon and various reoffering prices for the maturities. Yields
range from 6.20 to 7-3/4 pct.
    Non-callable for life, the certificates are rated a
top-flight AAA by both Moody's and Standard and Poor's. Kidder
Peabody is co-managing the issue.
 Reuter
