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CARSON PIRIE SCOTT & CO. PREPAYS $35,000,000 OF HIGH COST DEBT

 MILWAUKEE, Dec. 1 /PRNewswire/ -- Carson Pirie Scott & Co. (NASDAQ-NMS: CPSC, formerly P.A. Bergner & Co.) announced that it voluntarily prepaid $35,000,000 in mortgage debt to American General Life Insurance Company. The debt was prepaid without premium or penalty. The prepayment eliminates a high cost financing and will free up valuable assets that were pledged as collateral to American General. In addition, the company also reported that it amended its revolving credit agreement to increase the maximum available commitment from $150,000,000 to $175,000,000. The $25,000,000 increase in the facility will provide additional liquidity to offset the prepayment of the American General debt.
 Darren R. Jackson, vice president and treasurer of Carson Pirie Scott commented, "Our better than expected operating results for the third quarter contributed to a favorable liquidity position which enabled us to make this $35,000,000 prepayment. The elimination of 9.5 percent mortgage debt, combined with an increase to the commitment under our revolving credit facility, provides the company with the opportunity to reduce interest costs and improve the capital structure while maintaining adequate liquidity."
 Carson Pirie Scott & Co. emerged from Chapter 11 proceedings on Oct. 29, 1993, and its common stock shares began trading on NASDAQ National Market Systems on Nov. 1, 1993. Carson Pirie Scott & Co. is the tenth largest department store retailer in the United States. The company operates 38 Carson Pirie Scott stores in Greater Chicago, Indiana and Minnesota; 14 Bergner's in downstate Illinois and Wisconsin; and 11 Boston Stores in Wisconsin.
 -0- 12/1/93
 /CONTACT: Edward P. Carroll Jr., executive vice president marketing, 414-347-5340; or Darren Jackson, vice president-treasurer, 414-278-5717, both of Carson Pirie Scott & Co./
 (CPSC)


CO: Carson Pirie Scott & Co. ST: Wisconsin IN: REA SU:

WB -- NY128 -- 9546 12/01/93 19:06 EST
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Publication:PR Newswire
Date:Dec 1, 1993
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