Chase Manhattan Corp. prices 9.6 million preferred shares of perpetual series L stock at a price of $25 each, lead underwriter Lehman Brothers said. The shares were priced to yield 8.32%.
The $240 million worth of series L stock is noncallable for five years and is subsequently callable at par. It is rated Baa3 by Moody's Investors Service and BBB-minus by Standard & Poor's Corp.