Pacific Telesis Group Inc’s Pacific Bell unit of issued $325m of noncallable 6.25% notes due March 1 2005, at $97.939% to yield 6.5%. The note issue was handled by Lehman Brothers as lead manager. Storage Technology Corp, Louisville, Colorado offered 3m shares of convertible exchangeable preferred stock with a liquidation preference of $50 per share to raise a total of $150m. The stock will pay an annual cumulative dividend of $3.50 per share and will be convertible at any time at the option of the holder into shares of StorageTek common at 2.128 common shares for each preferred share, a conversion price of $23.50 per share. The preferred stock is also exchangeable at the option of the company from March 15 1995, for StorageTek’s 7% convertible subordinated debentures due 2008. The net proceeds will be used for working capital and capital expenditures associated with the development and introduction of a number of new prodducts. Salomon Brothers Inc was lead manager with Lehman Brothers and Needham & Co as co-managers.
