New Issue: UCAR 10-year notes upsized to $400 million, yield 10¼%

By Paul A. Harris

St. Louis, Mo., Feb. 8 - UCAR International, Inc.'s increased its offering of 10-year notes to $400 million from a planned $250 million and priced them at par to yield 10¼%, according to a syndicate source.

"It priced at the tight end of the 10¼%-10½% price talk," a syndicate official commented.

The senior notes, priced through the company's UCAR Finance Inc. unit, mature Feb. 15, 2012.

Proceeds will be used to repay bank debt, the company said.

Credit Suisse First Boston and J.P. Morgan were joint bookrunners on the Rule 144A offering. ABN Amro was co-manager.

Issuer:	UCAR Finance Inc.
Amount:	$400 million (increased from $250 million)
Maturity:	Feb. 15, 2012
Type:	Senior notes
Bookrunners:	Credit Suisse First Boston and J.P. Morgan
Co-manager:	ABN Amro
Coupon:	10¼%
Price:	Par
Yield:	10¼%
Spread:	531 basis points over the 4.875% Treasury due February 2012
Call features:	Callable on Feb. 15, 2007 at 105.125, then at 103.417, 101.708, declining to par on Feb. 15, 2010, and thereafter
Equity clawback:	Until Feb. 15, 2005 at 110.250 for up to 35%
Settlement Date:	February 15 (T+5)
Ratings:	Moody's: B2
	Standard & Poor's: B-
Rule 144A Cusip:	90347XAA8

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