Amex Lists Callable Principal Receipts and Coupon Receipts Relating to General Motors Debentures

23 September 1997
Amex Lists Callable Principal Receipts and Coupon Receipts Relating to General Motors Debentures

-- Investors Can Now Own Either Future Interest Payments or Principal Payments
                on General Motors Corporation Note Due 2024 --

    NEW YORK, Sept. 23 -- The American Stock Exchange today
listed American Corporate Accrual Receipts, Series 1 relating to General
Motors Corporation 8.10% Debentures Due June 15, 2024.  This new product takes
this existing General Motors bond issue and divides it up so that investors
can separately trade either the principal or any of the 22 individual interest
payments.
    The new listing, issued by American Corporate Accruals, Inc., splits the
existing General Motors Corporation Debentures into two types of receipts,
each with a face value of $1,000 and each offered at a substantial discount to
face value:

    Callable Principal Receipts (Amex ticker GMB) - Represent ownership of any
    future interest payments between the Call Date of June 15, 2008, and the
    Due Date of June 15, 2024, as well as payment of principal and any
    redemption premium if General Motors Corporation should redeem the
    Debentures prior to 2016.
    Coupon Receipts (Amex ticker GMC) - Represent ownership of 22 separate
    semi-annual future interest payments to be made between December 1997 and
    June 2008.  Each Coupon Receipt represents a single interest payment.

    "This is the first time a stripped corporate bond issue of this type has
been listed on a U.S. stock exchange," said Richard Mikaliunas, Senior Vice
President of Capital Markets at the Amex.  This listing basically takes an
existing security and re-packages it in a way that gives investors a greater
measure of flexibility.q
    The Coupon Receipts are payable one every six months, on or after the
following dates:

    Coupon Receipts   (ticker)      Principal Receipts    (ticker)
    12/15/1997       (GMC.AAG)          6/15/2024          (GMB)
     6/15/1998       (GMC.ABE)
    12/15/1998       (GMC.ACC)
     6/15/1999       (GMC.ADA)
    12/15/1999       (GMC.AEI)
     6/15/2000       (GMC.AFF)
    12/15/2000       (GMC.AGD)
     6/15/2001       (GMC.AHB)
    12/15/2001       (GMC.AJH)
     6/15/2002       (GMC.AKE)
    12/15/2002       (GMC.ALC)
     6/15/2003       (GMC.AMA)
    12/15/2003       (GMC.ANI)
     6/15/2004       (GMC.APD)
    12/15/2004       (GMC.AQB)
     6/15/2005       (GMC.ARJ)
    12/15/2005       (GMC.ASH)
     6/15/2006       (GMC.ATF)
    12/15/2006       (GMC.AUC)
     6/15/2007       (GMC.AVA)
    12/15/2007       (GMC.AIW)
     6/15/2008       (GMC.AXG)

    The new listing was underwritten by Rickel Securities, Inc.  The Amex
specialist unit is Spear, Leeds & Kellogg.
    The AMEX is a leader in listing hybrid debt instruments, as well as
warrants on foreign currencies, indexes and other structured products.  Visit
 the re-designed http://www.amex.com to view live video of our trading floor
throughout the day and the most comprehensive stock and options market data
available on any single site on the World Wide Web.

SOURCE  American Stock Exchange