Earlier this month, the utility said it had made arrangements to pay accrued interest on its interest-bearing notes and pay post-maturity interest on its short-term debt.

Time Warner preferred a cash payment, while Mr. Malone proposed a mixture of cash and an interest-bearing note that would come due in a year.

The Confederate Congress met in Montgomery, Alabama on 9 March 1861 and authorized the issuing of paper currency (in the form of interest-bearing notes).

The terms, announced yesterday, include an immediate cash payment of $4.6 million and an interest-bearing principal note of $4.5 million due at the end of 1997.

It will receive 49 percent of the partnership and $1.27 billion in interest-bearing notes.

One area of potential controversy was said to be the precise maturity period for the interest-bearing notes.

The plane maker got interest-bearing notes that can be converted into about 16 percent of common stock in Allegis.

The Federal Home Loan Mortgage Corporation has scheduled two offerings tomorrow of interest-bearing short-term notes totaling $1.5 billion.

Freddie Mac said these are its first offerings of three- and six-month interest-bearing notes.

These interest-bearing promisory notes were redeemed quickly.