NEW YORK - Chemical Securities led a $125 million secured note offering for Private Export Funding Corp.

The offering of 6.62% secured note series WW is due Oct. 1, 2005, and is priced at par.

The notes are payable in full on maturity, and are not redeemable prior to that time.

Interest on the notes is payable semiannually on the first of April and October, beginning in 1996.

Series WW notes will be secured as to payment of all principal outstanding by the pledge, with a trustee, of obligations backed by the full and credit of the United States.

Repayments of obligations will be scheduled to provide the trustee with sufficient cash to pay the principal balance of the notes at maturity.

Timely payment of interest on the notes will be directly guaranteed by the Export-Import Bank of the United States.

The Private Export Funding Corp. is owned by 35 commercial banks involved in export financing, seven industrial companies involved in exporting U.S. products and services, and four financial service companies.

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