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INTER-REGIONAL FINANCIAL GROUP DECLARES DIVIDEND; CALLS OUTSTANDING 10 PERCENT-DEBENTURES, PREFERRED STOCK

 INTER-REGIONAL FINANCIAL GROUP DECLARES DIVIDEND;
 CALLS OUTSTANDING 10 PERCENT-DEBENTURES, PREFERRED STOCK
 MINNEAPOLIS, April 24 /PRNewswire/ -- Inter-Regional Financial Group (NYSE: IFG), parent company of regional broker-dealers Dain Bosworth Incorporated, Minneapolis, and Rauscher Pierce Refsnes, Dallas, today announced that its Board of Directors has declared a regular quarterly cash dividend of 4 cents per share of common stock payable on May 15 to holders of record at the close of business on May 5. There are 8,245,857 shares of IFG common stock outstanding.
 According to Irving Weiser, IFG president and chief executive officer, "This is the first quarterly dividend on IFG common stock under the dividend program approved by our board of directors in January 1992."
 In other action at today's meeting, the board also approved a call of the company's 10 percent convertible subordinated debentures and the redemption of all of its outstanding shares of convertible preferred stock.
 Effective June 15, 1992, the company said it will redeem out of available cash the $19,488,000 balance of its 10 percent convertible subordinated debentures due June 15, 2003. The debentures will be redeemed at 100 percent of the principal amount, the redemption price specified in the indenture, together with accrued interest to the redemption date.
 Also effective June 15, 1992, the company will redeem its 90,034 outstanding shares of Series 10 percent and 12 percent convertible preferred stock, and effective July 15, 1992, will redeem its 2,634 outstanding shares of Series A convertible preferred stock. If all holders of IFG preferred stock convert to common stock, there will be a approximately 124,000 additional shares of IFG common stock outstanding.
 "The call of the 10 percent debt completes our corporate strategy, begun in 1988, of deleveraging IFG," said John C. Appel, executive vice president and chief financial officer. IFG will have approximately $8 million of long-term debt remaining after this call. Appel also added, "The redemption or conversion of all of the company's outstanding preferred stock will eliminate IFG's most expensive source of capital and further simplify the company's capital structure." The company's only remaining equity capital will be common stock.
 Inter-Regional Financial Group, Inc. provides full-service securities and investment banking services in 22 states through its subsidiaries, Dain Bosworth Incorporated, Minneapolis, and Rauscher Pierce Refsnes, Inc., Dallas. The parent company's common stock is traded on the New York Stock Exchange under the symbol IFG.
 -0- 4/24/92
 /CONTACT: B. J. French, 612-371-2363, or Daniel J. Reuss, 612-371-2974, both of Inter-Regional Financial/
 (IFG) CO: Inter-Regional Financial Group, Inc. ST: Minnesota IN: FIN SU: DIV


AL -- MN006 -- 2482 04/24/92 12:52 EDT
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Publication:PR Newswire
Date:Apr 24, 1992
Words:437
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