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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.$ 100,000,000 Floating Rate Notes due May 22, 2002
Filed pursuant to Rule 3 of Regulation BW
Dated: May 11, 2000
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The following information regarding the U.S.$ 100,000,000 Floating Rate
Notes due May 22, 2002 (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 16, 1999) is already on file with the
Securities and Exchange Commission.
Item 1. DESCRIPTION OF OBLIGATIONS
(a) U.S.$ 100,000,000 Floating Rate Notes due May 22, 2002.
(b) The interest rate will be the 3-month U.S. Treasury-bill rate
+ 40 b.p., payable quarterly.
(c) Maturing May 22, 2002. 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) Citibank, N.A., 5 Carmelite Street, London EC4Y 0PA, England.
Item 2. DISTRIBUTION OF OBLIGATIONS
The Bank will enter into a Terms Agreement with First Tennessee Bank,
N.A. (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 U.S.$ 100,000,000 at 100% of par,
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less commissions of 0.082%. The Notes will be offered for sale subject to
issuance and acceptance by the Managers and subject to prior sale. It is
expected that delivery of the Notes will be made on or about May 22, 2000.
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 99.918%.
Item 3. DISTRIBUTION SPREAD
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Price to Selling Discounts and Proceeds to the
Public Commissions Bank(1)
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<S> <C> <C>
Per Unit: 100% 0.082% 99.918%
Total: USD 100,000,000 USD 82,000 USD 99,918,000
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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.
