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GALEY & LORD ANNOUNCES FILING OF INITIAL PUBLIC OFFERING

       GALEY & LORD ANNOUNCES FILING OF INITIAL PUBLIC OFFERING
    GREENSBORO, N.C., Feb. 24 /PRNewswire/ -- Galey & Lord, Inc. announced today that it has filed a registration statement with the Securities and Exchange Commission for an initial public offering of 3,612,400 shares of common stock.  Of the shares to be offered, 2,900,000 shares will be sold by the company and 712,400 shares will be sold by non-affiliated selling shareholders.  It is currently anticipated that the initial public offering price will be between $13 and $15 per share.  Donaldson, Lufkin & Jenrette Securities Corporation and Lehman Brothers will manage the underwriting.  The company will use the proceeds to redeem preferred stock, retire senior subordinated debt and reduce bank debt.
    Galey & Lord, Inc. is a leading developer, manufacturer and marketer of high quality woven cotton and cotton blended apparel fabrics.  The company principally sells fabrics to well-known manufacturers of sportswear for use in the production of men's, women's, and children's pants, dresses and shorts and to manufacturers of commercial uniforms. The company is also a leading manufacturer, designer and marketer of printed fabrics for use principally in women's and children's sports wear, dresses and separates.
    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-                       2/24/92
    /CONTACT:  Terrence L. Bowman of Galey & Lord, 919-665-3089/ CO:  Galey & Lord, Inc. ST:  North Carolina IN:  TEX SU:  OFR SM -- NY078 -- 2046 02/24/92 16:28 EST
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Publication:PR Newswire
Date:Feb 24, 1992
Words:324
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