Magneteck Inc. and Inland Steel Co. together have pumped another $250 million of high-yielded debt into a new issue market already enjoying its biggest month this year to date.

But Magnetek, like many of this year's high-yielded issuers, is pushing debt into the junk market with one hand and taking it out with the other.

The company will use proceeds from its $125 million offering to refinance slightly more than $109 million of 11 7/8% first senior subordinated notes due 1994, said Otto Stoll, Magnetek's director of public relations.

Inland will use proceeds from its $125 million deal for general corporate purposes, primarily to repay bank debt, a source familiar with the offering said.

Both companies could have increased their offerings, but only Inland, whose deal was originally $100 million, did so. The deals were priced Monday evening and freed to trade Tuesday morning, the source said.

Magnetek issued 10 3/4% senior subordinated debentures due 1998 at par. The noncallable debentures yield 371 basis points over the yield on comparable Treasuries. Moody's Investors Service rates the offering B-1, while Standard and Poor's Corp. rates it B. First Boston Corp. lead managed the deal.

Inland issued $125 million of 12% series T first mortgage bonds due 1998 at par. Moody's rates the noncallable bonds Ba2, while Standard & Poor's rates them BB. Goldman, Sachs & Co. lead managed the offering with First Boston Corp. as co-manager.

Those two deals aside, 36 high-yield issues totaling $6.96 billion came to market between Jan. 1 and last Monday, according to Joe Miller, an associate at Securities Data Co. This month alone, 12 issues debuted totaling $2.7 billion.

April marked the year's second biggest month so far, with a total of $1.86 billion of new debt issuance. RJR Nabisco's Capital Corp. $1.5 billion 10 1/2% senior note issue accounted for much of that figure, analysts said. October, with about $804 million in debt, came in third. There were no new issues in January, February, or March, he said.

High-grade corporates finished the day up about 1/8 point to 1/4 point depending on the sector.

"The activity level is next to oil," one trader said, citing the upcoming holiday.

The high-yield market was also quiet, but lost about 1/4 point.

Other issuers yesterday included Federal National Mortgage Association, which offered $500 million of floating rate medium-term notes priced initially at par. The noncallable notes due 1992 float quarterly at 15 basis points over three-month Treasuries. They also pay quarterly. Merrill Lynch sole managed the transaction.

Georgia-Pacific Corp. issued $250 million of 9.50% debentures due 2011. The noncallable debentures were priced at 98.875 to yield 9.62% or 165 basis points over 30-year Treasuries. Salomon Brothers Inc. lead managed the offering. Moody's rates the offering Baa3, while Standard & Poor's rates it BB-plus.

"It's a split rating situation," Bill Reed, a Standard & Poor's vice president said. "We do have a positive outlook on the company."

Georgia-Pacific's acquisition of Great Northern Nekoosa corp., finalized in March 1990, prompted Standard & Poor's to downgrade the issue to BB-plus from BBB-plus.

Watts Industries Inc. issued $75 million of 8.375% notes due 2003 at par. The noncallable notes yield 96.5 basis points over comparable Treasuries. Moody's rates the offering Baal, while Standard & Poor's rates it A-minus. Donaldson, Lufkin & Jenrette Securities Corp. lead managed the offering.

In yesterday's rating activity, Standard & Poor's lowered the rating on Brush Wellman Inc.'s $75 million of medium-term notes to A-minus from A. The notes are to be privately placed.

"The current cyclical downturn in Brush Wellman's beryllium markets is proving to be more severe than previously assumed, and the company incurred a material net loss for the quarter ended Sept. 30, 1991," an agency release said. "Earnings should improve somwhat as demand levels recover in the core computer and automotive customer sectors, and as the benefits of recently initiated cost-cutting measures are realized."

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