Financing Arrangements - Domestic

$1.3 billion credit agreement (of which $500 million was offered abroad)

Domestic public offerings of debt securities by major public companies

Industrial revenue and industrial development bond offerings in Pennsylvania and Illinois, and a joint venture offering

Offerings pursuant to employee stock option and other employee benefit plans

Letters of credit (domestic)

LBO and restructuring financings (revolving credit, term and bridge loans)

Asset-based offerings, including first preferred ship mortgages and equipment-backed financings (railroad cars, barges, manufacturing equipment, communications equipment)

Unsecured loans - by insurance companies, banks and other lending institutions; syndicated loans and loan participations

Financing Arrangements - Cross-Border Transactions

Sw. Fr. 200 million - represented U.S. issuer in first offering of bearer bonds in Switzerland by a U.S. company - opened Swiss bearer bond market to U.S. issuers

DM 200 million - represented U.S. issuer in early offering of bearer bonds in Germany

$75 million (Eurodollar) - represented foreign subsidiary issuer in arranging early repayment of Eurodollar loan

Guaranteed loans and lines of credit for subsidiaries in Mexico, Guatemala, Honduras, Costa Rica, Brazil, Colombia, Australia, Hong Kong, Belgium, Germany and Ireland (guaranteed by U.S. parent not doing business in those countries)

Commercial paper programs (Section 4(2) and Section 3(a)(iii)) programs by U.S. company and U.S. and foreign finance subsidiaries)

Financing arrangements with European Export-Import Bank for sale of equity in an Australian company and purchase of equity in an Irish company

Patent and technical know-how licensing arrangements, e.g. to coat jet engine blades and vane shrouds in Israel; computer software licensing

Distribution arrangements and agreements for installing and servicing printing machinery in Europe

Letters of credit (international, primarily for shipping commodities)

Negotiation and documentation of arrangements for purchase and sale of major works of art, including options to purchase, agency arrangements and secured and syndicated financings

Acquisitions and Mergers

Domestic, for Cash, including a specialty baking company, a specialty chemicals company, a contract sewing company and an apparel manufacturing company

Foreign, financed, including a restaurant in Rome, Italy, a metal fabrication company in France and bauxite (aluminum) mines in Angola

Dispositions, including foreign subsidiaries and sales of off-shore assets of U.S. companies

For Stock, including:

• Oil field services companies (pipe-straightening, plugging and capping, mud and chemicals and oil exploration companies, and oil and gas properties)
• Manufacturing companies (electrical equipment, metal fabrication, tool fabrication, farm equipment manufacturing, plastics and wood fabricating and glass manufacturing companies)
• Pharmaceutical and veterinary biologicals companies, and
• A bottling company, a hotel and a light-beam profiling company