NEW YORK - A $125 million issue of Shawmut National Corp. perpetual preferred stock was priced Tuesday through underwriters led by Morgan Stanley & Co.

The five million shares of $25-a-share stock - expanded from a previously planned four million - were priced to yield 9.3%. The shares are noncallable for five years. Moody's Investors Service rated the issue Ba3, Standard & Poor's Corp. B-plus.

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