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INTERNATIONAL BANK FOR RECONSTRUCTION 1818 H Street N.W. (202) 522-1588; (202) 477-1234
AND DEVELOPMENT Washington, D.C. 20433 Cable Address: INTBAFRAD
U.S.A.
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FILE NO. 1-3431
REGULATION BW
RULE 3
July 20, 1999
VIA EDGAR
Securities and Exchange Commission
File Desk, Room 1004
450 Fifth Street, N.W.
Washington, D.C. 20549
Gentlemen:
Attached please find a Report dated July 20, 1999 of the International
Bank for Reconstruction and Development (the "Bank") under Rule 3 of Regulation
BW with respect to the Bank's U.S. Dollar 100,000,000 Floating Rate Notes of
1999, due July 28, 2000, issued under the Bank's Global Debt Issuance Facility.
Sincerely yours,
[SIG]
Scott B. White
Chief Counsel, Finance
Attachments
RCA 248423. WUI 64145 FAX (202) 477-6391
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
450 Fifth Street, N.W.
Washington, D.C. 20549
REPORT OF
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT
In respect of its
U.S. Dollar 100,000,000 Floating Rate Notes of 1999, due July 28, 2000
Filed pursuant to Rule 3 of Regulation BW
Dated: July 20, 1999
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The following information regarding the U.S. Dollar 100,000,000 Floating
Rate Notes of 1999, due July 28, 2000 (the "Notes") of the International Bank
for Reconstruction and Development is being filed pursuant to Rule 3 of
Regulation BW. As authorized by Rule 4 of Regulation BW, certain information is
provided in the form of a Prospectus (the "Prospectus") for the Bank's Global
Debt Issuance Facility (the "Facility"), the most recent version of which (dated
October 7, 1997) is already on file with the Securities and Exchange Commission,
and in the form of an Information Statement (the "Information Statement"), the
most recent version of which (dated September 30, 1998) is already on file with
the Securities and Exchange Commission.
Item 1. DESCRIPTION OF OBLIGATIONS
(a) U.S. Dollar 100,000,000 Floating Rate Notes of 1999, due July 28,
2000.
(b) The interest rate shall be the arithmetic mean of weekly U.S.
Treasury Bill rates for the quarter preceding each interest payment date, plus
0.42 per cent. Interest payment dates will be October 28, 1999, January 28,
2000, April 28, 2000, and July 28, 2000.
(c) Maturing July 28, 2000. The maturity of the Notes may be
accelerated if the Bank shall default in the payment of the principal of, or
interest on, or in the performance of any covenant in respect of a purchase fund
or a sinking fund for any bonds, notes (including the Notes) or similar
obligations which have been issued, assumed or guaranteed by the Bank, such
default shall continue for a period of 90 days, a holder notifies the Bank that
it elects to declare the principal of Notes held by it to be due and payable,
and all such defaults have not been cured by 30 days after such notice has been
delivered. Any such notice shall be accompanied by appropriate proof that the
notifying party is a Noteholder.
(d) Not applicable.
(e) Bank's standard negative pledge clause (see Condition 4 on page 22
of the Prospectus).
(f) Not applicable.
(g) No provisions have been made for the amendment or modification of
the terms of the obligations by the holders thereof or otherwise.
(h) See Prospectus, pages 6-10.
(i) Federal Reserve Bank of New York, 33 Liberty Street, New York, New
York.
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Item 2. DISTRIBUTION OF OBLIGATIONS
The Bank will enter into a Terms Agreement with PaineWebber as Manager
(the "Manager"), pursuant to which the Bank will agree to issue, and the Manager
will agree to purchase, a principal amount of the Notes aggregating USD
100,000,000 at 100%, less commissions of 0.0658%. The Notes will be offered for
sale subject to issuance and acceptance by the Manager and subject to prior
sale. It is expected that delivery of the Notes will be made on or about July
28, 1999.
The Terms Agreement provides that the obligations of the Manager are
subject to certain conditions, including the continued accuracy of the Bank's
representations and warranties set forth in the Bank's Standard Provisions
relating to the issuance of notes under the Global Debt Issuance Facility (the
"Standard Provisions"), the most recent version of which (dated as of October 7,
1997) is already on file with the Securities and Exchange Commission.
The Manager proposes to offer all the Notes to the public at the
public offering price of 100%.
Item 3. DISTRIBUTION SPREAD
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Price to Selling Discounts Proceeds to the
Public And Commissions Bank(1)
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Per Unit: 100% 0.0658% 99.9342%
Total: USD 100,000,000 USD 65,800 USD 99,934,200
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Item 4. DISCOUNTS AND COMMISSIONS TO SUB-UNDERWRITERS AND DEALERS
None
Item 5. OTHER EXPENSES OF DISTRIBUTION
As the Notes are offered as part of a continuous series of borrowings
under the Facility, precise expense amounts for this transaction are not yet
known.
Item 6. APPLICATION OF PROCEEDS
The net proceeds will be used in the general operations of the Bank.
Item 7. EXHIBITS
None
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(1) Without deducting expenses of the Bank, which are not yet known.
