Pricing Supplement No. 990 Dated 7/24/97 Rule 424(b)(3)
(To Prospectus dated April 5, 1996 and File No. 333-01807
Prospectus Supplement dated April 5, 1996)
This Pricing Supplement consists of 4 page(s)
SALOMON INC
Medium-Term Notes, Series D
(Registered Notes)
Due More Than Nine Months from Date of Issue
Principal Amount or Face Amount: $25,000,000.00
Issue Price: 19.0310000000%
Proceeds to Company on original issuance: $4,757,750.00
Commission or Discount on original issuance: $.00
Salomon Brothers Inc's capacity on original issuance: | | As agent
If as principal |X| 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: 7/28/97
Stated Maturity: 7/28/17
Specified Currency:
(If other than U.S. Dollars)
Authorized Denominations:
(If other than as set forth in the Prospectus Supplement)
Interest Payment Dates: See Attached
Accrue to Pay: | | Yes |X| No
Indexed Principal Note: | | Yes (See Attached) |X| No
Type of Interest on Note: |X| Fixed Rate | | Floating Rate | | Indexed Rate
(See Attached)
Interest Rate (Fixed Rate Notes): .0000000% (See Attached)
Initial Interest Rate (Floating Rate Notes):
Base Rate: | | CD Rate | | Commercial Paper Rate | | Federal Funds Rate
| | LIBOR Telerate | | LIBOR Reuters | | Treasury Rate
| | Treasury Rate Constant Maturity | | Other (See Attached)
Calculation Agent (If other than Citibank): | | Salomon Brothers
| | Other (See Attached)
Computation of Interest: |X| 30 over 360 | | Actual over Actual
| | Actual over 360 | | Other (See Attached)
(If other than as set forth in the Prospectus Supplement)
Interest Reset Dates:
Rate Determination Dates:
(If other than as set forth in the Prospectus Supplement)
Index Maturity:
Spread (+/-):
Spread Multiplier:
Change in Spread, Spread Multiplier or Fixed Interest Rate prior
to Stated Maturity: | | Yes (See Attached) | | No
Maximum Interest Rate:
Minimum Interest Rate:
Amortizing Note: | | Yes (See Attached) |X| No
Optional Redemption: |X| Yes | | No
Optional Redemption Dates: y
Redemption Prices:
Redemption: | | In whole only and not in part |X| May be in whole or in part
Optional Repayment: | | Yes |X| No
Optional Repayment Dates:
Optional Repayment Prices:
Discount Note: |X| Yes | | No
Total Amount of OID: 20,242,250.00
Bond Yield to Call :
Bond Yield to Maturity: 8.4700000
Yield to Maturity : 8.4700000
Cusip: 79549QDY7
Pricing Supplement No. D990
Pricing Supplement dated July 24, 1997
(to Prospectus dated April 5, 1996)
DESCRIPTION OF THE NOTES
General
The description in this Pricing Supplement of the
particular terms of the Registered Zero Coupon Callable Notes
offered hereby (the "Notes") supplements, and to the extent
inconsistent therewith replaces, the description of the general
terms and provisions of the Registered Notes set forth in the
accompanying Prospectus, to which descriptions reference is
hereby made.
Risk Factors
THE NOTES DO NOT BEAR PERIODIC PAYMENTS OF INTEREST.
The Notes are subject to redemption at the option of the
Company on the 28th of January and July of each year during the
term of the Notes, commencing July 28, 1999. As more fully set
forth below under "Redemption", the amount in respect of
principal on a Note that a Holder will receive in the event of
any such optional redemption by the Company will be less than the
face amount of such Note. HOLDERS OF THE NOTES SHOULD BE PREPARED
NOT TO RECEIVE MORE THAN 118% OF THE INITIAL PURCHASE PRICE OF A
NOTE IN RESPECT OF PRINCIPAL ON SUCH NOTE.
Interest
THE NOTES DO NOT BEAR PERIODIC PAYMENTS OF INTEREST.
Redemption
The Notes will be redeemable at the option of the Company,
in whole or in any part thereof, at the Redemption Price set
forth in the table below (such redemption an "Optional
Redemption"), on the 28th of January and July of each year during
the term of the Notes, commencing July 28, 1999 (each such date
an "Optional Redemption Date").
<PAGE>
Pricing Supplement No. D990
Pricing Supplement dated July 24, 1997
(to Prospectus dated April 5, 1996)
DESCRIPTION OF THE NOTES
General
The description in this Pricing Supplement of the
particular terms of the Registered Zero Coupon Callable Notes
offered hereby (the "Notes") supplements, and to the extent
inconsistent therewith replaces, the description of the general
terms and provisions of the Registered Notes set forth in the
accompanying Prospectus, to which descriptions reference is
hereby made.
Risk Factors
THE NOTES DO NOT BEAR PERIODIC PAYMENTS OF INTEREST.
The Notes are subject to redemption at the option of the
Company on the 28th of January and July of each year during the
term of the Notes, commencing July 28, 1999. As more fully set
forth below under "Redemption", the amount in respect of
principal on a Note that a Holder will receive in the event of
any such optional redemption by the Company will be less than the
face amount of such Note. HOLDERS OF THE NOTES SHOULD BE PREPARED
NOT TO RECEIVE MORE THAN 118% OF THE INITIAL PURCHASE PRICE OF A
NOTE IN RESPECT OF PRINCIPAL ON SUCH NOTE.
Interest
THE NOTES DO NOT BEAR PERIODIC PAYMENTS OF INTEREST.
Redemption
The Notes will be redeemable at the option of the Company,
in whole or in any part thereof, at the Redemption Price set
forth in the table below (such redemption an "Optional
Redemption"), on the 28th of January and July of each year during
the term of the Notes, commencing July 28, 1999 (each such date
an "Optional Redemption Date").
<PAGE>
Redemption Price
Optional (expressed as a percentage of the
Redemption Principal Amount set forth on the
Date face of this Pricing Supplement)
- ---------- ---------------------------------
July 28, 1999 22.4653%
January 28, 2000 23.4167%
July 28, 2000 24.4084%
January 28, 2001 25.4421%
July 28, 2001 26.5195%
January 28, 2002 27.6426%
July 28, 2002 28.8133%
January 28, 2003 30.0335%
July 28, 2003 31.3055%
January 28, 2004 32.6312%
July 28, 2004 34.0132%
January 28, 2005 35.4536%
July 28, 2005 36.9551%
January 28, 2006 38.5201%
July 28, 2006 40.1515%
January 28, 2007 41.8519%
July 28, 2007 43.6243%
January 28, 2008 45.4718%
July 28, 2008 47.3975%
January 28, 2009 49.4048%
July 28, 2009 51.4971%
January 28, 2010 53.6780%
July 28, 2010 55.9513%
January 28, 2011 58.3208%
July 28, 2011 60.7907%
January 28, 2012 63.3652%
July 28, 2012 66.0487%
January 28, 2013 68.8459%
July 28, 2013 71.7615%
January 28, 2014 74.8006%
July 28, 2014 77.9684%
January 28, 2015 81.2704%
July 28, 2015 84.7122%
January 28, 2016 88.2997%
July 28, 2016 92.0392%
January 28, 2017 95.9371%
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<PAGE>
If any Optional Redemption Date would otherwise be a day
that is not a Business Day, the Optional Redemption Date shall be
the next succeeding Business Day.
The Company may exercise its right of Optional Redemption
by notifying the Trustee of its exercise of such option at least
15 calendar days prior to the Optional Redemption Date. At least
15 calendar days but not more than 60 calendar days prior to such
Optional Redemption Date, the Trustee shall mail notice of such
redemption, first class, postage prepaid, to the Depositary's
nominee, as sole Holder of the Notes under the Indenture. The
Depositary will distribute any such notice to the owners of
beneficial interests in the Notes in accordance with its regular
practice.
Plan of Distribution
The Company intends to sell the Notes at a price equal to
Issue Price set forth on the face of this Pricing Supplement to
the Underwriter for its own account or for resale to one or more
purchasers, including dealers, at varying prices related to
prevailing market prices at the time of resale, as determined by
the Underwriter. Notes sold by the Underwriter to a dealer may be
resold at varying prices related to prevailing market prices at
the time of resale.
The Underwriter will enter into a swap agreement with an
affiliate in connection with its sale of the Notes and may earn
additional income as a result of payments pursuant to such swap
or related hedge transactions.
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<PAGE>
If any Optional Redemption Date would otherwise be a day
that is not a Business Day, the Optional Redemption Date shall be
the next succeeding Business Day.
The Company may exercise its right of Optional Redemption
by notifying the Trustee of its exercise of such option at least
15 calendar days prior to the Optional Redemption Date. At least
15 calendar days but not more than 60 calendar days prior to such
Optional Redemption Date, the Trustee shall mail notice of such
redemption, first class, postage prepaid, to the Depositary's
nominee, as sole Holder of the Notes under the Indenture. The
Depositary will distribute any such notice to the owners of
beneficial interests in the Notes in accordance with its regular
practice.
Plan of Distribution
The Company intends to sell the Notes at a price equal to
Issue Price set forth on the face of this Pricing Supplement to
the Underwriter for its own account or for resale to one or more
purchasers, including dealers, at varying prices related to
prevailing market prices at the time of resale, as determined by
the Underwriter. Notes sold by the Underwriter to a dealer may be
resold at varying prices related to prevailing market prices at
the time of resale.
The Underwriter will enter into a swap agreement with an
affiliate in connection with its sale of the Notes and may earn
additional income as a result of payments pursuant to such swap
or related hedge transactions.
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