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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 25,000,000 8.00% Callable Notes of 2000, due February 20, 2015
Filed pursuant to Rule 3 of Regulation BW
Dated: January 21, 2000
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The following information regarding the U.S. Dollar 25,000,000 8.00%
Callable Notes of 2000, due February 20, 2015 (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. Dollar 25,000,000 8.00% Callable Notes of 2000, due
February 20, 2015.
(b) The interest rate will be 8.00%, payable monthly.
(c) Maturing February 20, 2015. 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) Notes will be callable at par on February 20, 2001 with 10
New York business days' notice and semiannually thereafter.
(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 Merrill Lynch 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 U.S.
Dollar 25,000,000 at 100.00%, less commissions of 1.00% of par. The Notes will
be offered for sale subject to issuance and
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acceptance by the Manager and subject to prior sale. It is expected that
delivery of the Notes will be made on or about February 18, 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 100.00%.
Item 3. DISTRIBUTION SPREAD
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<CAPTION>
Price to Selling Discounts Proceeds to the
Public and Commissions Bank1
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<S> <C> <C>
Per Unit: 100.00% 1.00% 99.00%
Total: USD 25,000,000 USD 250,000 USD 24,750,000
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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
