The unsecured debt is due in 2020 and willpay 6.75% interest per year.

Underwriters can snap up another $7.5m onthe same terms.

The offer is expected to close on 12 Mayand the notes will be listed on the New York Stock Exchange.

The notes will be sold in minimum bundlesof $25, which financial sources explained makes the issue friendly forretail investors.

Stifel, Deutsche Bank Securities andJefferies will act as joint book-running managers for the offering, Scorpiosays.