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COLTEC HOLDINGS ANNOUNCES TENDER OFFER AND CONSENT SOLICITATION

 COLTEC HOLDINGS ANNOUNCES TENDER OFFER AND CONSENT SOLICITATION
 NEW YORK, Feb. 5 /PRNewswire/ -- Coltec Holdings Inc. said today that the company has commenced a tender offer that is part of a previously announced recapitalization plan to refinance or retire certain outstanding debt securities of Coltec Holdings Inc. and its subsidiary, Coltec Industries Inc.
 The company said that it is offering to purchase for cash, and is soliciting consents to amendments of the related indenture for, all the outstanding 14-3/4 percent senior discount debentures due 2008 of Coltec Holdings Inc. at a price of 107.00 percent of their accreted value on the day prior to the payment date plus, for consents, 3.00 percent of their accreted value on the day prior to the payment date.
 The tender offer and consent solicitation are subject to certain conditions, including receipt of tenders of senior discount debentures representing at least a majority of the outstanding principal amount of the securities, completion of the previously announced proposed initial public offerings of common stock, senior notes and senior subordinated notes of Coltec Industries and the availability of financing under Coltec Industries' new credit agreement.
 The tender offer and the consent solicitation are scheduled to expire at midnight, New York City time, on Wednesday, March 4, 1992.
 Morgan Stanley & Co. Incorporated and BT Securities Corporation have been retained to act as dealer managers for the tender offer and consent solicitation.
 -0- 2/5/92
 /CONTACT: Michael Dunn of Coltec, 212-940-0523/ CO: Coltec Holdings Inc. ST: Delaware IN: SU: OFR


JT -- NY084 -- 7414 02/05/92 17:46 EST
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Publication:PR Newswire
Date:Feb 5, 1992
Words:264
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