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JOY TECHNOLOGIES INC. COMPLETES RESTRUCTURING

 JOY TECHNOLOGIES INC. COMPLETES RESTRUCTURING
 PITTSBURGH, Dec. 10 /PRNewswire/ -- Joy Technologies Inc.


(NYSE: JOY) announced today that it has borrowed approximately $255 million under its new credit facility with Bankers Trust Company, The Chase Manhattan Bank, N.A., Bank of America National Trust and Savings Association and a syndicate of lending institutions.
 Joy applied the funds borrowed toward the purchase of $69,535,000 principal amount of its 13 percent Resettable Senior Secured Notes due May 15, 1996, and $172,464,000 principal amount of its 13-3/4 percent Senior Subordinated Debentures due 1999 under its tender offers which expired on Dec. 2, 1991. Joy also deposited with the indenture trustees for the Resettable Notes and Debentures funds sufficient to satisfy and discharge its remaining obligations under the Indentures for the Resettable Notes and Debentures.
 As a result of these transactions, its previously announced call for redemption of its Exchangeable Redeemable Preferred Stock and Junior Preferred Stock and the November, 1991, public offering of 9,000,000 shares of its Class A Common Stock (listed on the New York Stock Exchange), Joy has substantially completed the recapitalization described in its Prospectus for the public offering. Additionally, Joy announced that the U.S. underwriters under the public offering today gave Joy notice of the exercise of their "green shoe" option and will purchase 900,000 additional shares of Class A Common Stock thereunder.
 Joy is the world's leading manufacturer and servicer of mining equipment for the underground extraction of coal, and is a major North American supplier of air pollution control and ash handling equipment.
 -0- 12/10/91
 /CONTACT: James Q. Grimshaw, Vice President and Treasurer of Joy Technologies, 412-562-4500/
 (JOY) CO: Joy Technologies Inc. ST: Pennsylvania IN: MNG SU: RCN


DM -- PG010 -- 1245 12/10/91 17:36 EST
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Date:Dec 10, 1991
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