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FLEET MORTGAGE GROUP SELLS $150 MILLION 6-1/8 PERCENT NOTES DUE 1997

FLEET MORTGAGE GROUP SELLS $150 MILLION 6-1/8 PERCENT NOTES DUE 1997
 COLUMBIA, S.C., Aug. 18 /PRNewswire/ -- Fleet Mortgage Group (NYSE: FLG) announced today that it has sold $150 million of 6-1/8 percent notes at a price of 99.811 to yield 6.169 percent. The notes will mature on Aug. 15, 1997 and are not redeemable prior to maturity.
 The notes were issued pursuant to a registration statement filed by Fleet Mortgage Group with the Securities and Exchange Commission under rule 415. The registration statement became effective on Aug. 17, 1992. Following the current offering, $600 million of debt securities will remain in registration. Fleet Mortgage said it intends to use the net proceeds to reduce borrowings under a $400 million term loan facility from Fleet Financial Group.
 The issue was co-managed by Goldman, Sachs & Co., Merrill Lynch Capital Markets and J.P. Morgan Securities Inc.
 Fleet Mortgage Group, the country's second largest producer of single-family mortage loans in 1991, originates mortgage loans through 92 retail branch offices located in 35 states and acquires mortgage loans from other mortgage lenders. The company's portfolio of mortgage loans serviced, which totaled $60.6 billion at the end of June 1992, was the second largest in the industry.
 Fleet Mortgage Group is the mortgage banking subsidiary of Fleet Financial Group (NYSE: FLT), which holds approximately 81 percent of the company's 49,545,000 shares of common stock. The remaining shares were sold in a public offering on Aug. 7 1992.
 -0- 8/18/92
 /CONTACT: Kevin Race of Fleet Mortgage Group, 803-929-7919; or Robert W. Lougee, 401-278-5879; Thomas Lavelle, 401-278-3003; or Judith Ragge, 401-278-6444, all of Fleet Financial Group/
 (FLG) CO: Fleet Mortgage Group; Fleet Financial Group ST: Rhode Island; South Carolina IN: FIN SU: OFR


TM -- NE016 -- 1122 08/18/92 17:15 EDT
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Publication:PR Newswire
Date:Aug 18, 1992
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