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BUTTREY FOOD AND DRUG STORES COMPANY ANNOUNCES FILING OF REGISTRATION STATEMENT FOR INITIAL PUBLIC OFFERING

BUTTREY FOOD AND DRUG STORES COMPANY ANNOUNCES FILING OF REGISTRATION
                 STATEMENT FOR INITIAL PUBLIC OFFERING
    GREAT FALLS, Mont., Jan. 28 /PRNewswire/ -- Buttrey Food and Drug Stores Company announced today that it has filed a registration statement with the Securities and Exchange Commission covering the proposed initial public offering of 2,900,000 shares of common stock. Of the shares being offered, 1,930,049 shares are being issued and sold by the company, and 969,951 shares are being sold by selling stockholders.  In addition, the underwriting group has been granted an overallotment option by the company to purchase an additional 337,279 shares.  Net proceeds to the company will be used to reduce outstanding indebtedness.
    The offering price is expected to be between $16 and $18 per share. Morgan Stanley & Co. Incorporated and Lehman Brothers will manage the underwriting group.  Copies of the prospectus relating to the offering may be obtained from either of such firms.
    Buttrey Food and Drug Stores Company is the leading food and drug retailer in Montana and in the market areas it serves in Wyoming, eastern Washington and western North Dakota.
    NOTE:  A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective.  These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.  This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
    -0-        1/28/92
    /CONTACT:  John E. Sullivan, vice president of Buttrey Food and Drug Stores Company, 406-761-3401/ CO:  Buttrey Food and Drug Stores Company ST:  Montana IN:  REA SU:  OFR SH -- NY026 -- 4111 01/28/92 09:51 EST
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Jan 28, 1992
Words:325
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