Pricing Supplement No. 789 Dated 8/22/94 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 -- Floating Rate or Indexed Rate)
Due More Than Nine Months from Date of Issue
Principal Amount or Face Amount: $20,000,000.00
Issue Price: 100.0000000000%
Proceeds to Company on original issuance: $20,000,000.00
Commission or Discount on original issuance: $.00
Salomon Brothers Inc's capacity on original issuance: |X| As agent
| | As principal
If as principal:
| | 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: 9/08/94
Stated Maturity: 9/08/97
Specified Currency:
(If other than U.S. Dollars)
Authorized Denominations:
(If other than as set forth in the Prospectus Supplement)
Interest Payment Dates: 3/8, 6/8, 9/8 & 12/8. 1st coupon 12/8/94.
(If other than as set forth in the Prospectus Supplement)
Indexed Principal Note: | | Yes (see attached) |X| No
Floating Rate: |X| Indexed Rate: | | (see attached)
Initial Interest Rate: 5.8000000%
Base Rate: | | CD Rate | | Commercial Paper Rate | | Federal Funds Rate
|X| LIBOR Telerate | | LIBOR Reuters | | Treasury Rate
| | Treasury Rate Constant Maturity | | Other (see attached)
Interest Reset Period or Interest Reset Dates:
3/8, 6/8, 9/8 & 12/8.
Index Maturity: 3 months
Spread (+/-): +80
Spread Multiplier:
Spread Reset: |X| The Spread or Spread Multiplier may not be changed prior to
Stated Maturity.
| | The Spread or Spread Multiplier may be changed prior to
Stated Maturity (see attached).
Optional Reset Dates (if applicable):
Maximum Interest Rate: See attached
Minimum Interest Rate:
Amortizing Note: | | Yes |X| No
Amortization Schedule:
Optional Redemption: | | Yes |X| No
Optional Redemption Dates:
Redemption Prices:
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
Total Amount of OID:
Yield to Maturity:
Pricing Supplement dated September 8, 1994
(to Prospectus Supplement dated December 14, 1993,
to Prospectus dated December 14, 1993)
DESCRIPTION OF THE NOTE
The description in this Pricing Supplement of the
particular terms of the Registered Note offered hereby (the
"Note") supplements, and to the extent inconsistent therewith
replaces, the descriptions of the general terms and provisions of
the Registered Notes set forth in the accompanying Prospectus and
Prospectus Supplement, to which description reference hereby is
made. Capitalized terms used but not otherwise defined herein
shall have the meanings specified in the Prospectus and
Prospectus Supplement.
"Base Rate" means LIBOR, as defined below, with an
Index Maturity of three months.
"London and New York Business Day" means any day, other
than a Saturday or Sunday, that is (i) not a day on which banking
institutions are authorized or required by law or regulation to
be closed in the City of New York and (ii) a day on which
dealings in deposits in U.S. dollars are transacted in the London
interbank market.
"New York Business Day" means any day, other than a
Saturday or Sunday, that is not a day on which banking
institutions are authorized or required by law or regulation to
be closed in the City of New York.
"Maximum Interest Rate" means (i) from September 8,
1994 to September 7, 1995, 6.80%, (ii) from September 8, 1995 to
September 7, 1996, 7.65% and (iii) from September 8, 1996 to
Stated Maturity, 8.30%.
"LIBOR Determination Date" shall be the second London
and New York Business Day prior to the relevant Interest Reset
Date.
"LIBOR" for each Interest Reset Period shall mean the
offered rate for deposits in dollars for the period of the Index
Maturity commencing on the Interest Reset Date for such Interest
Reset Period, which appears at approximately 11:00 a.m. London
time on the LIBOR Determination Date on page "3750" on the Dow
Jones Telerate Service (or such other page as may replace page
"3750" on such service or such other service as may be nominated
by the British Bankers' Association for the purpose of displaying
the London interbank offered rates of major banks) ("LIBOR
Telerate"). In the event LIBOR Telerate is not available,
"LIBOR" shall mean the arithmetic mean, as determined by the
Calculation Agent, of the offered rates for deposits in dollars
for the period of the Index Maturity commencing on the Interest
Reset Date for such Interest Reset Period, which appear at
approximately 11:00 a.m. London time on the LIBOR Determination
Date on page "LIBO" on the Reuters Monitor Money Rates Service
(or such other page as may replace the LIBO page on such service
or such other service as may be nominated by the British Bankers'
Association for the purpose of displaying the London interbank
offered rates of major banks). In the event LIBOR Telerate is
not available and fewer than two offered rates appear on page
"LIBO" on the Reuters Monitor Money Rates Service (or a successor
page) at 11:00 a.m. on the LIBOR Determination Date, the
Calculation Agent shall request the principal London offices of
each of four major banks in the London interbank market selected
by the Calculation Agent to provide the Calculation Agent with
its offered quotations for deposits in U.S. dollars for the
period of the specified Index Maturity, commencing on such
Interest Reset Date, to prime banks in the London interbank
market at approximately 11:00 a.m., London time, on the LIBOR
Determination Date and in a principal amount representative of a
single transaction in such market at such time. If at least two
such quotations are provided, "LIBOR" for such Interest Rate
Period will be the arithmetic mean of such quotations. If fewer
than two such quotations are provided, "LIBOR" for such Interest
Reset Period will be the arithmetic mean of rates quoted by four
major banks in The City of New York selected by the Calculation
Agent at approximately 11:00 a.m., New York City time, on such
LIBOR Determination Date for loans in U.S. dollars to leading
European banks, for the period of the specified Index Maturity,
commencing on such Interest Reset Date, and in a principal amount
representative of a single transaction in such market at such
time; provided, however, that if fewer than four banks selected
as aforesaid by such Calculation Agent are quoting rates as
mentioned in this sentence, "LIBOR" for such Interest Reset
Period will be the same as LIBOR for the immediately preceding
Interest Reset Period (or, if there is no such Interest Reset
Period, the Initial Interest Rate).
Interest on the Notes shall be calculated based on a
year of 360 days, for the actual number of days occurring in the
period for which such interest is payable.
If an Interest Payment Date would otherwise be a day
that is not a New York Business Day, such Interest Payment Date
shall be postponed to the next succeeding New York Business Day,
except that if such New York Business Day is in the next
succeeding calendar month, such Interest Payment Date shall be
the immediately preceding New York Business Day. No additional
interest shall accrue as a result of any such delayed payment.
