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GRACE ANNOUNCES NOTE OFFERING

 GRACE ANNOUNCES NOTE OFFERING
 BOCA RATON, Fla., Sept. 23 /PRNewswire/ -- W. R. Grace & Co.


(NYSE: GRA) today announced the public offering of $150 million of 7 3/4 percent Notes Due 2002 at an initial public offering price of 100 percent of their principal amount. The Notes are to be issued by Grace's principal operating subsidiary, and guaranteed by Grace.
 Interest on the Notes will be payable semiannually -- on April 1 and Oct. 1.
 Salomon Brothers Inc. is the managing underwriter for the issue; The First Boston Corporation and J. P. Morgan Securities Inc. are co- managers. The trustee is Bankers Trust Company.
 The Notes are being offered under a shelf registration statement filed with the Securities and Exchange Commission in 1991, covering $300 million of debt securities; no securities have previously been offered under that registration statement.
 The net proceeds from the sale of the Notes will be used to repay commercial paper and/or bank borrowings, with various maturities and bearing interest at various rates, that were incurred to finance working capital requirements.
 Grace is the world's largest specialty chemicals company with a leadership position in health care.
 -0- 9/23/92
 /CONTACT: Chuck Suits of W. R. Grace & Co., 407-362-2600 or 800-GRACE99/
 (GRA) CO: W. R. Grace & Co. ST: Florida IN: CHM SU: OFR


AW -- FL005 -- 2814 09/23/92 16:50 EDT
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Publication:PR Newswire
Date:Sep 23, 1992
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