Debt holders tendered just $301.9 million of the $400 million of 14% debentures Ralphs Grocery Co. offered to buy back, but the supermarket chain's chief financial officer wasn't disappointed.

"No, we are quite pleased with the 75%," Alan J. Reed, the Southern California chain's senior vice president and chief financial officer, said yesterday. "That was about what we had expected."

In planning its recapitalization, Ralphs had expected to see $300 to $350 million tendered, he said. The senior subordinated debentures were scheduled to mature in 2000.

The lower amount worked out well because unfavorable equity market conditions forced Ralphs Supermarket Inc., the holding company, to abandon the equity component of the recapitalization plan, Mr. Reed said. The tender offer's completion caps three aspects of Ralphs' four-pronged plan, he said.

In addition to the tender offer, Ralphs issued $300 million of 10 1/4% senior subordinated notes due 2002 and negotiated a new $470 million bank facility.

While Ralphs may still tap the equity market, Mr. Reed said, "The structure we have now is quite livable." He said the aim of the recapitalization is to position Ralphs for growth.

One buy side source said some of those Ralphs holders decided to keep their bonds because of a shortage of paper.

"There's a lot of money coming to mutual funds and no real reason to give up bonds," he said. "The credit's done well."

The source said he heard Unisys Corp.'s $400 million offering priced late Wednesday drew $600 million of investor interest.

New Issues

In secondary trading, high-grade corporate bonds followed Treasuries, which lost about 1/4 point in the 10-year area but showed slight gains in the 30-year sector. High-yield bonds were up slightly with a "good tone" in light trading.

New issues totaled $1.9 billion by late yesterday. That follows Wednesday's $1.7 billion new debt total as calculated by IDD Information Services. The firm's figures are for non-convertible debt excluding mortgage and asset-backed issues, but including agency offerings.

Pittsburgh National Bank issued $500 million of 3.625% senior bank notes due 1993. The noncallable notes were priced initially at 99.962 to yield 3.66% or 11 basis points over comparable Treasuries on a bond equivalent basis. Moody's Investors Service rates the offering Aa3, while Standard & Poor's Corp. rates it A-plus. Merrill Lynch & Co. managed the offering.

Westinghouse Electric issued $275 million of 8.625% debentures due 2012. The noncallable debentures were priced at 99.059 to yield 8.725% or 125 basis points over 30-year Treasuries. Moody's rates the offering Baa2, while Standard & Poor's rates it A. Goldman, Sachs & Co. lead managed the offering.

Bass America issued $250 million of 6.750% guaranteed notes due 1999. The noncallable notes were priced at 99.78 to yield 6.79% or 60 basis points over comparable Treasuries. Moody's rates the offering A1, while Standard & Poor's rates it A-plus. Morgan Stanley & Co. lead managed the offering.

Pohang Iron & Steel Co. issued $250 million of 7.5% notes due 2002. The noncallable notes were priced at 99.369 to yield 7.591% or 92 basis points over 10-year Treasuries. Moody's rates the offering A2, while Standard & Poor's rates it A-plus. Goldman Sachs was lead manager.

Federal Home Loan Banks issued $170 million of 4.845% notes due 1995 at par. Noncallable for a year, the notes were priced to yield 12 basis points over comparable Treasuries. Goldman Sachs managed the offering.

Federal Home Loan Mortgage Corp. issued $150 million of 6.520% notes due 1999 at par. Noncallable for two years, the notes were priced to yield 30 basis points over comparable Treasuries. First Boston Corp. managed the offering.

Mellon Financial issued $100 million of 5.375% senior notes due 1995. The noncallable notes were priced at par yield 5.375% or 66 basis points over comparable Treasuries. Moody's rates the offering Baal, while Standard & Poor's rates it A-minus. Morgan Stanley lead managed the offering.

Hertz issued $100 million of 7.625% senior notes due 2002. The noncallable notes were priced at 99.62 to yield 7.68% or 97 basis points over comparable Treasuries. Moody's rates the offering Baal, while Standard & Poor's rates it BBB-plus. Merrill Lynch lead managed the offering.

Indianapolis Power & Light issued $80 million of first mortgage bonds due 2007. The noncallable bonds were priced at 99.55 to yield 7.425% or 70 basis points over 10-year Treasuries. Moody's rates the offering Aa2, while Standard & Poor's rates it AA. Dillon, Read & Co. lead managed the offering.

Federal Home Loan Banks issued $25 million of 6.390% notes due 1999 at par. Noncallable for three years, the notes were priced to yield 6.390% or 22 basis points over comparable Treasuries. PaineWebber Inc. sole managed the offering.

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