A Raman photoassociation process can be used to form translationally c
old molecules from a Bose-Einstein condensate. Coupled-channels scatte
ring calculations show that the rate coefficient for coherent producti
on of molecules in specific target states, > 10(-10) cm(3)/s, can grea
tly exceed the rate coefficient for heating and loss channels due to e
xcited-state spontaneous decay. This implies the feasibility of rapid
coherent conversion of atom pairs in a condensate to molecules on a ti
me scale short compared to the trap oscillation time. [S1050-2947(98)5
0708-1].