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ITT COMPLETES SALE OF DOMESTIC UNSECURED CONSUMER SMALL LOAN PORTFOLIO

 NEW YORK, June 4 /PRNewswire/ -- ITT Corporation (NYSE: ITT) announced today the successful completion of the previously announced sale of the ITT Consumer Financial Corporation's (CFC) domestic unsecured consumer small loan portfolio to a group which includes an affiliate of Goldman Sachs & Co., as the lead investor.
 According to terms of the sale, ITT received about $1.7 billion in cash including loan payments collected since Feb. 28, which total $392 million, and ITT contributed approximately $29 million for a 15 percent equity position in the new group. The company said that approximately 85 percent of the proceeds have been used to retire commercial paper.
 ITT said it would report an estimated pre-tax gain of $95 million in the second quarter, which is based on recorded values as of the closing and certain costs and restructuring expenses incurred by ITT as part of the transaction. ITT Financial continues to review the possible repurchase of fixed rate debt, the effects of which could offset the reported gain.
 -0- 6/4/93
 /CONTACT: Jim Gallagher of ITT, 212-258-1261/
 (ITT)


CO: ITT Corporation ST: New York IN: SU:

PS -- NY022 -- 5374 06/04/93 10:39 EDT
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Publication:PR Newswire
Date:Jun 4, 1993
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