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GRACE TO REDEEM 6 1/4 PERCENT CONVERTIBLE SUBORDINATE DEBENTURES

 BOCA RATON, Fla., Aug. 11 /PRNewswire/ -- W. R. Grace & Co. (NYSE: GRA) today announced that a subsidiary will redeem in full all of its outstanding 6 1/4 percent Convertible Subordinate Debentures due 2002 on Sept. 15, 1993. The principal amount of the debentures currently outstanding is $150 million. The redemption price will be 100 percent of the principal amount of the Debentures, plus interest accrued to Sept. 15, 1993.
 The debentures are convertible into shares of common stock of W. R. Grace & Co. until the close of business on Sept. 15, 1993 at a current conversion price of $42.125 per share. Debentures in bearer form should be submitted for redemption or conversion at a paying or conversion agent outside the United States.
 Brian J. Smith, Grace's chief financial officer, said, "This action is part of our continuous efforts to increase shareholder value through the refinancing of higher cost debt during a lower interest rate environment."
 Chemical Bank, 55 Water Street, New York, N.Y. 10041, is the Trustee, Registrar and Principal Paying and Conversion Agent for the Debentures. Outside the United States, Bank Bruxelles Lambert, Avenue Marnix 24, B-1050 Brussels, Belgium; Bankers Trust Company, Dashwood House, 69 Old Broad Street, London EC2P2EE, England; and Bankers Trust Luxembourg, S.A., P.O. Box 807, 14 Boulevard Franklin Delano Roosevelt, L-2450, Luxembourg, are Transfer, Paying and Conversion Agents.
 Grace is the world's largest specialty chemicals company with a leadership position in specialized health care.
 -0- 8/11/93
 /CONTACT: Chuck Suits of W. R. Grace, 407-362-2600 or 800-GRACE99/
 (GRA)


CO: W. R. Grace & Co. ST: Florida IN: HEA CHM SU:

RC-AW -- FL006 -- 1613 08/11/93 11:02 EDT
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Publication:PR Newswire
Date:Aug 11, 1993
Words:279
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