Telmark to sell $17 mln debentures in direct offering to investors

New York, Oct. 30 - Telmark LLC said it will sell up to $17 million of subordinated debentures in a direct placement with investors.

The securities will be sold in two series, one due March 31, 2004 with an 8.5% coupon and one due March 31, 2009 with a 9% coupon. Both may pay a higher rate, based on six-month Treasury bills, although the company cautioned that this is unlikely to happen in the near future, given the current difference between rates on Treasury bills and the debentures.

Telmark, a unit of Agway, will offer the debentures in minimum denominations of $1,000 with $100 increments, according to a prospectus filed with the Securities and Exchange Commission. The securities will pay interest quarterly and be sold at par. They will be callable at any time at par.

Telmark, based in DeWitt, N.Y., finances agricultural equipment, vehicles and buildings.

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