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JOY TECHNOLOGIES INC. ACCEPTS NOTES AND DEBENTURES IN TENDER OFFERS

JOY TECHNOLOGIES INC. ACCEPTS NOTES AND DEBENTURES IN TENDER OFFERS
 PITTSBURGH, Dec. 3 /PRNewswire/ -- Joy Technologies Inc. announced today that it has accepted for purchase $71,535,000 principal amount of its Resettable Senior Secured Notes Due May 15, 1996 (representing approximately 75.3 percent of the Notes outstanding) and $172,464,000 principal amount of its 13-3/4 percent Senior Subordinated Debentures Due 1999 (representing approximately 93.2 percent of the Debentures outstanding) which were tendered pursuant to its tender offers.
 Of these principal amounts, $3,781,000 principal amount of Notes and $22,075,000 principal amount of Debentures were tendered pursuant to notices of guaranteed delivery, and have been accepted for purchase, subject to the delivery of certificates and compliance with the other guaranteed delivery procedures. The offers expired at midnight,New York City time, on Monday, Dec. 2, 1991.
 Pursuant to the offers, tendering holders of Notes accepted for purchase will receive $1,068.75 per $1,000 principal amount (plus interest to, but not including, the date of purchase), and tendering holders of Debentures accepted for purchase will receive $1,091.00 per $1,000 principal amount (plus interest to, but not including, the date of purchase).
 Joy expects to deposit funds with the Depository for the offers on Tuesday, Dec. 10, 1991.
 Joy expects that on the date the Notes and Debentures are purchased pursuant to the offers, it will deposit with the respective trustees funds sufficient to satisfy and discharge its obligations with respect to any Notes and Debentures not so purchased.
 The dealer managers for the offers are Morgan Stanley & Co. Incorporated and BT Securities Corporation. The Depositary for the offers is Bankers Trust Company.
 Joy is the world's leading manufacturer and servicer of mining equipment for the underground extraction of coal, and also is a major North American supplier of air pollution control and ash handling equipment. In 1987, Joy consummated a leveraged buy out sponsored by Adler & Shaykin. In November 1991, Joy consummated a public offering of 9,000,000 shares of its Class A Common Stock, which are listed on the New York Stock Exchange.
 /delval/
 -0- 12/3/91
 /CONTACT: James Q. Grimshaw of Joy Technologies, 412-562-4500/ CO: Joy Technologies Inc. ST: Pennsylvania IN: MNG SU:


DM -- PG004 -- 8879 12/03/91 15:53 EST
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Publication:PR Newswire
Date:Dec 3, 1991
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