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BRADLEES, INC. ANNOUNCES PLAN TO OFFER $100 MILLION OF SENIOR SUBORDINATED NOTES

 BRAINTREE, Mass., Feb. 26 /PRNewswire/ -- Bradlees, Inc. (NYSE: BLE) today announced a plan to offer $100 million of Senior Subordinated Notes which will be privately placed pursuant to Rule 144A of the Securities Act of 1933. A portion of the net proceeds of the planned offering will be used to repay the $86.3 million term loan outstanding under the company's existing credit agreement, and the remainder will be used for opening new stores, remodeling existing stores and general corporate purposes. The Senior Subordinated Notes are to be placed by Lehman Brothers, BT Securities Corporation and Merrill Lynch & Co.
 The company also announced that Bankers Trust Company has committed to provide a $150 million three-year working capital revolving line of credit to replace the company's current $150 million working capital agreement.
 Sales for the year ended Jan. 30, 1993 were $1.83 billion, a 3.4 percent increase over the prior year. Sales in comparable stores increased 4.7 percent. Pro forma income from operations before depreciation and amortization was $118 million or 6.5 percent of sales in fiscal 1992 and $105 million or 5.9 percent of sales in fiscal 1991. Bradlees' audited financial results will be released in mid-March.
 February sales have not yet been finalized; however the company anticipates that comparable store sales for the month will be flat due to the exceptionally stormy weather in the northeast.
 Bradlees, Inc. operates 127 discount department stores in Maine, New Hampshire, Massachusetts, Connecticut, New York, New Jersey, Pennsylvania and Virginia. Bradlees' common stock is listed and traded on the New York Stock Exchange under the symbol "BLE".
 -0- 2/26/93
 /CONTACT: Aileen Gorman of Bradlees, 617-380-8370/
 (BLE)


CO: Bradlees, Inc. ST: Massachusetts IN: REA SU: OFR

CH -- NE006 -- 0801 02/26/93 10:59 EST
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Publication:PR Newswire
Date:Feb 26, 1993
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