Pricing Supplement No. 790 Dated 8/24/94 Rule 424(b)(3)
(To Prospectus dated December 14, 1993 and File No. 33-51269,
Prospectus Supplement dated December 14, 1993) 33-57922 and 33-49136
SALOMON INC
Medium-Term Notes, Series D
(Registered Notes - Fixed Rate)
Due More Than Nine Months from Date of Issue
Principal Amount or Face Amount: $45,000,000.00
Issue Price: 100.0000000000%
Proceeds to Company on original issuance: $45,000,000.00
Commission or Discount on original issuance: $.00
Salomon Brothers Inc.'s capacity on original issuance: | | As agent
|X| As principal
If as principal:
|X| The Registered Notes are being offered at varying prices related
to prevailing market prices at the time of resale.
| | The Registered Notes are being offered at a fixed initial public
offering price of % of Principal Amount or Face Amount.
Original Issue Date: 9/23/94
Stated Maturity: 9/23/09
Specified Currency:
(If other than U.S. Dollars)
Authorized Denominations: $1,000.00
(If other than as set forth in the Prospectus Supplement)
Interest Payment Dates: 3/23 & 9/23. 1st coupon 3/23/95.
(If other than as set forth in the Prospectus Supplement)
Indexed Principal Note: | | Yes (see attached) |X| No
Interest Rate: See attached
Interest Rate Reset: | | The Interest Rate may not be changed prior to Stated
Maturity.
|X| The Interest Rate may be changed prior to Stated
Maturity (see attached).
Optional Reset Dates (if applicable):
Amortizing Note: | | Yes |X| No
Amortization Schedule:
Optional Redemption: |X| Yes | | No
Optional Redemption Dates: Each int. payment date beginning Sept. 23, 1997
upon 30 calandar days notification.
Redemption Prices: 100.00%
Optional Repayment: | | Yes |X| No
Optional Repayment Dates:
Optional Repayment Prices:
Optional Extension of Stated Maturity: | | Yes |X| No
Final Maturity:
Discount Note: | | Yes |X| No (see attached)
Total Amount of OID:
Yield to Maturity:
Pricing Supplement dated September 3, 1994
(to Prospectus Supplement dated December 14, 1993,
to Prospectus dated December 14, 1993)
INTEREST RATE
The Fixed Rate Notes to which this Pricing Supplement
relates bears an interest rate that varies in accordance with the
following schedule (unless earlier redeemed at the option of the
Company, as provided on the front of this Pricing Supplement):
8.20%, from September 23, 1994 to but not including
September 23, 1997;
8.30%, from September 23, 1997 to but not including
September 23, 1998;
8.50%, from September 23, 1998 to but not including
September 23, 1999;
8.70%, from September 23, 1999 to but not including
September 23, 2000;
8.90%, from September 23, 2000 to but not including
September 23, 2001;
9.25%, from September 23, 2001 to but not including
September 23, 2002;
9.50%, from September 23, 2002 to but not including
September 23, 2003;
9.75%, from September 23, 2003 to but not including
September 23, 2004;
10.00%, from September 23, 2004 to but not including
September 23, 2005;
10.50%, from September 23, 2005 to but not including
September 23, 2006;
11.00%, from September 23, 2006 to but not including
September 23, 2007;
11.75%, from September 23, 2007 to but not including
September 23, 2008; and
12.50%, from September 23, 2008 to but not including
September 23, 2009.
The Notes may be redeemed on any Interest Payment Date
on or after September 23, 1997. Accordingly, there is no
assurance that the Notes will ever bear an interest rate above
8.20%.
TAXATION
The following summary supplements, and to the extent inconsistent
therewith replaces, the discussion of United States taxation set
forth in the accompanying Prospectus Supplement under the heading
"United States Tax Considerations," to which discussion reference
is hereby made.
Pursuant to the OID Regulations, for purposes of
determining the existence and the amount of original issue
discount on the Notes, it is assumed that the Company will
exercise its right to redeem the Notes on September 23, 1997 (and
in the event that the Company does not exercise its right to
redeem on September 23, 1997, it will be assumed that the Company
will exercise its right to redeem the Notes on any succeeding
Interest Payment Date on which the Notes remain outstanding). In
the event the Company does not redeem the Notes on any Interest
Payment Date, the Notes will be treated solely for purposes of
applying the OID rules (and not for purposes of recognizing gain
or loss), as if they were reissued on any Interest Payment Date
at par. Accordingly, the Notes will be treated as issued with no
OID and all payments of stated interest on the Notes will be
treated as ordinary interest income that will be includible in
income when received or accrued in accordance with a U.S.
holder's method of accounting.
The IRS may contend under an anti-abuse rule that the
Notes should be treated as issued with substantial amounts of
OID, in which case U.S. holders would be required to include such
OID in income for U.S. federal income tax purposes as it accrues
in accordance with a constant yield method based on a compounding
of interest, regardless of the U.S. holder's regular method of
accounting for U.S. federal income tax purposes. The Company
believes that the anti-abuse rule will not apply, and intends to
treat the Notes for all purposes (including its OID reporting
obligations) as issued with no OID.
