West One Bancorp on Tuesday issued $50 million of 7.75% convertible subordinated debentures due 2006 through Salomon Brothers Inc. and Merrill Lynch & Co. The debentures are convertible into West One common stock at a conversion price of $37.21 per share and are not redeemable until June 1995.

The debentures are rated BBB-plus by Standard & Poor's Corp. and Baal by Moody's Investors Service Inc. West One, based in Boise, Idaho, has $4.8 billion in assets. Its stock closed at $30 Tuesday, down 50 cents.

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