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This is neither an offer to sell nor a solicitation of an offer to buy these securities. The offer is made only by the Offering Circular. $30,500,000 United States Government Guaranteed Ship Financing Notes and Bonds, Series B consisting of *$4,832,000 of 6.85% Notes due January 15, 1983 •$6,871,000 of 7.50% Notes due January 15, 1988 $18,797,000 of 8.05% Sinking Fund Bonds due January 15,1998 To be issued pursuant to a trust agreement between United States Trust Company of New York (Shipowner) and the beneficial owner named therein (Trustor) and payable solely out of the assets of the trust thereunder which include certain towboats and barges and revenues from the bareboat charter of such towboats and barges to Indiana & Michigan Electric Company (Charterer). Payment of principal and interest will be guaranteed by the United States of America under Title XI of the Merchant Marine Act, 1936, as amended, which expressly provides that: "The full faith and credit of the United States is pledged to the payment of all guarantees made under this title with respect to both principal and interest, including interest, as may be provided for in the guarantee, accruing between the date of default under a guaranteed obligation and the payment in full of the guarantee." Price 100% (Interest accrues from the date of issue) Copies oj the Offering Circular may be obtained, in any State in which this announcement is circulated only from such of the underwriters as may lawfully offer these securities in such State. Kidder, Peabody & Co. Incorporated Bache Halsey Stuart Inc. The First Boston Corporation Blyth Eastman Dillon & Co. Incorporated Dillon, Read & Co. Inc. Drexel Burnham Lambert Goldman, Sachs & Co. Incorporated Hornblower & Weeks-Hemphill, Noyes E. F. Hutton & Company Inc. Kuhn Loeb & Co. Incorporated Incorporate Lazard Freres & Co. Lehman Brothers Loeb Rhoades & Co. Inc. Incorporated Merrill Lynch, Pierce, Fenner & Smith Paine, Webber, Jackson & Curtis Reynolds Securities Inc. Incorporated Incorporated Salomon Brothers Smith Barney, Harris Upham & Co. Warburg Paribas Becker Inc. Incorporated Wertheim & Co., Inc. White, Weld & Co. Dean Witter & Co. Incorporated Incorporated Bear, Stearns & Co. L. F. Rothschild, Unterberg, Towbin Shearson Hayden Stone Inc. Shields Model Roland Securities Weeden & Co. Dorsey & Company Incorporated Incorporated Inc. Howard, Weil, Labouisse, Friedrichs Wm. E. Pollock & Co., Inc. Stuart Brothers Incorporated *Kidder, Peabody & Co. Incorporated is sole Underwriter of the Notes. April 15, 1977 10 Maritime Reporter/Engineering News
