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GROW GROUP ANNOUNCES $20 MILLION REDEMPTION OF 12.5 PERCENT NOTES; DECREASE INTEREST EXPENSE OF $2,500,000 ANNUALLY

 GROW GROUP ANNOUNCES $20 MILLION REDEMPTION OF 12.5 PERCENT
 NOTES; DECREASE INTEREST EXPENSE OF $2,500,000 ANNUALLY
 NEW YORK, Aug. 12 /PRNewswire/ -- Grow Group, Inc. (NYSE: GRO) announced today that it has called for redemption of Oct. 10, 1992 (at 102 percent of par plus accrued interest), $20 million of its 12.5 percent senior subordinated notes due in 1994 (NYSE: GRO-94), or approximately 47 percent of the total principal of $42,736,000. The notes to be redeemed will be selected by lot by the Bank of New York, trustee. After giving effect to the redemption, the recently completed equity sake to Corimon and an extraordinary charge of $350,000 representing the payment in excess of par and write-off of certain deferred costs; the company's interest expense will be reduced by $2.5 million annually and the debt-to-equity ratio will be reduces from 57 percent at June 30, 1992 to 36 percent.
 Russell Banks, president of Grow, commented, "With the improvement in earnings from our restructuring and our balance sheet strengthened, we are now well-positioned for future growth."
 Grow Group is a leading producer of speciality chemical coatings and paints and household products. Grow operations include manufacturing facilities, sales offices and licensees throughout the world.
 -0- 8/12/92
 /CONTACT: Jennifer R. Wall of D.F. King & Co., 212-269-5550, for Grow Group/
 (GRO) CO: Grow Group, Inc. ST: New York IN: CHM SU:


TS-SM -- NY021 -- 9300 08/12/92 09:59 EDT
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Publication:PR Newswire
Date:Aug 12, 1992
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