Owens-Illinois Inc. priced its $1 billion debentures offering yesterday at a slightly higher yield than expected, according to Brian Bogart, a high-yield analyst at Duff & Phelps/MCM Investment Research Co.

"I think it's attractive for buyers," Mr. Bogart said. "We would recommend purchasing at that yield." The 12-year debentures were priced at par.

Early price talk had the debentures yielding about 10 1/2%, but that figure moved closer to 11% recently, Mr. Bogart said. He said the increase relates to an initial public offering the company completed earlier this week. Owens-Illinois originally hoped to sell those shares for $13 to $16 each, but stock market weakness forced the share price down to $11, analysts said earlier.

Both the equity and debt deals are part of an debt recapitalization plan Owens-Illinois announced in mid October.

Elsewhere, Rowan Companies Inc. yesterday continued the junk bond market's theme of "out with the old, in with the new," calling all of its 13 3/4% senior notes due 1996.

The Houston-based company plans to redeem the notes using $128.75 million of the net proceeds from a lower cost, $200 million offering it priced Dec. 4. Those 11 7/8% senior notes were priced at par and mature in 2001, a Rowan spokesman said.

The company will redeem the 13 3/4% notes on Jan. 13, 1992, at 103% of the principal plus accrued interest from July 15, 1991, to the redemption date.

Rowan continues the parade of high-yield issuers taking advantage of the market's attractive interest rate environment and hungry buyers to refinance their higher-cost debt, according to Edward Mally, a vice president in Salomon Brothers Inc.'s high-yield research department. RJR Nabisco Holdings Corp.'s $1.5 billion offering opened the way for such offerings last April, he said.

"The environment in the high-yield market remains good and I think we'll be seeing more of these types of deals over the next several months," Mr. Mally said.

In secondary trading yesterday, high-grade corporates gained 1/4 point to 3/8 point in the long end in quiet trading. High-yield bonds were unchanged.

In ratings action yesterday, Moody's Investors Service downgraded some R.H. Macy & Co. debt ratings and some ratings of its wholly owned subsidiary, Macy Credit Corp.

Moody's affirmed the company's other debt ratings. The agency's action affects some $1.3 billion of long-term debt.

The agency says in a release that "the continuing weak economy and an increasingly competitive retail environment" will hurt Macy's cash-flow coverage ratios and operating profit margins.

Moody's lowered R.H. Macy's senior subordinated debentures to Caa from B3. It downgraded Macy Credit Corp. Euronotes to Ba2 from Baa3.

The agency affirmed R.H. Macy's junior subordinated debentures and junior subordinated discount debentures at Caa.

Also yesterday, Moody's said it is reviewing the debt ratings of International Business Machines Corp. and its wholly owned subsidiaries, IBM Credit Corp. and IBM International Finance N.V., for a possible downgrade.

Under review are: IBM's Aaa senior debt, Aa1 convertible subordinated debt and prospective Aaa shelf registration; IBM Credit Corp.'s Aaa senior debt and its prospective Aaa shelf registration; and IBM International Finance's Aaa senior debt.

Moody's review will focus on "IBM's ability to stabilize its business position, including improvements in operating performance and market share," the release says. "The review will also examine the possibility of further restructuring actions which may be required by the company to restore profitability to more acceptable levels."

Moody's announcement appeared to have little effect on IBM's bonds, one trader said. The company's 10 1/4S of 1995 opened at 105 and were down only about 1/2 point from that at 3:00 p.m.

Standard & Poor's Corp. has downgraded Carolco Pictures Inc.'s senior unsecured debt to CCC-plus from B and its subordinated debt to CCC from B-minus.

The agency also lowered the subordinated debt rating on LIVE Entertainment Inc., of which Carolco owns 53%, to CCC-plus from B-minus. Standard & Poor's placed Carolco's and LIVE's ratings on CreditWatch for a possible downgrade.

Securities affected included $66 million of senior unsecured debt and $16 million subordinated debt of Carolco, and $110 million subordinated debt of LIVE.

Carolco's implied senior debt secured rating is now single B-minus. LIVE's implied senior rating is B.

"The actions reflect S&P's concerns regarding the two companies' financing arrangements and ability to fund operations. S&P had previously expected the companies to complete new financing agreements in conjunction with their planned combination, which was recently called off," a Standard & Poor's release says.

Despite the highly successful "Terminator 2," Corolco recently reported $32 million of third-quarter and $44 million of nine-month losses from continuing operations, which also consolidate LIVE losses and certain non-recurring charges.

Carolco also violated financial covenants in its bank credit agreements, and, according to management, amount available under those agreements may be insufficient to meet the company's projected funding needs.

Among yesterday's high-grade issuers was Bowater Inc., which priced two debt issues yesterday totaling. First Boston Corp. managed both offerings. Moody's rated the offerings Baa1, while Standard & Poor's rates them BBB-plus.

The company offered $200 million of 8.50% note at par. The noncallable notes due 2001 were priced to yield 131 basis points over comparable Treasuries.

Bowater also offering $200 million of 9.375 debentures due 2021. The noncallable debentures were priced at 99.25 to yield 9.45 or 165 basis points over comparable Treasuries.

IMC Fertilizer Group issued $100 million of 9.45% debentures due 2011. The noncallable debentures were priced at 99.62 to yield 9.493% or 170 basis points over comparable Treasuries. Moody's rates the offering Baa2, while Standard & Poor's rates it BBB-minus. J.P. Morgan Securities Inc. lead managed the offering.

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