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HYSTER-YALE MATERIALS TO RECEIVE EQUITY INFUSION FROM NACCO INDUSTRIES

 PORTLAND, Ore., Aug. 3 /PRNewswire/ -- Hyster-Yale Materials Handling Inc. ("Hyster-Yale") today announced it will receive a $50 million equity infusion from its parent, NACCO Industries Inc. ("NACCO") (NYSE: NACCO). In conjunction with the equity contribution, the company also confirmed the completion of an Amendment and Restatement of the Hyster-Yale Credit Agreement.
 The equity infusion will consist of approximately $23.7 million face value of Subordinated Debentures previously purchased by NACCO plus cash which will be used to redeem approximately $26.3 million face value of Subordinated Debentures at a price of 107.5. The company has given notice to its Trustee to redeem the $26.3 million of Debentures with a redemption date of Sept. 8, 1993.
 The Credit Agreement provides for Term Debt of approximately $169 million and $100 million in committed revolving credit. The facility, which was also extended through May 1997, was oversubscribed among the participating bank group. The Agreement permits equity infusions by existing Hyster-Yale stockholders to be used to retire the company's 12-3/8 percent Subordinated Debentures and, after August 1994, permits internally generated funds to retire additional Subordinated Debentures subject to certain conditions. The amendment also provides for a modified repayment schedule and performance based interest rate incentives.
 In commenting on these changes, Reg Eklund, Hyster-Yale's president and chief executive officer, said, "The equity infusion by our stockholders and the amended Credit Agreement substantially improve the capital structure of the company and represent a significant step toward achieving the company's targeted debt-to-total capitalization of 35 percent."
 Eklund further stated that, "This action demonstrates our stockholders' confidence in the company which earlier this year successfully launched the first in a series of new product introductions. This new product has received excellent acceptance in the marketplace."
 Hyster-Yale Materials Handling Inc., headquartered in Portland, is a world leader in the design and manufacture of forklift trucks, marketed under the Hyster(TM) and Yale(TM) brand names.
 -0- 8/3/93
 /CONTACT: G. Michael Decker, vice president - finance and chief financial officer, Hyster-Yale Materials Handling, 503-721-6160/
 (NACCO)


CO: Hyster-Yale Materials Handling Inc. ST: Oregon IN: TRN SU:

LM-SB -- SE014 -- 9142 08/03/93 20:10 EDT
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Publication:PR Newswire
Date:Aug 3, 1993
Words:358
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