MADRID -- Chase Manhattan Corp. said it placed privately a $100 million loan for the City of Barcelona among a limited group of U.S. investors.

Chase said this was the first private placement in the U.S. market for a European municipality, and was done through its Madrid and New York offices.

There are two parts: a $20 million tranche over seven years at 6.73% and a tranche of $80 million over 10 years at 7.20%. Interest payments are quarterly, and the loan will be repaid in full at maturity.

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