A $350 million issue of Bank of New York Co. subordinated notes, due July 15, 2002, was priced with a coupon of 7 5/8% at 99.271 to yield 7.731%. The noncallable notes were priced at a spread of 87.5 basis points above the Treasury's 10-year note.

Rated Baal by Moody's Investors Service Inc. and BBB-plus by Standard & Poor's Corp., the issue will be sold through Lehman Brothers Inc.

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