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KAISER ALUMINUM & CHEMICAL CORPORATION ANNOUNCES TENDER OFFER FOR 14 1/4 PERCENT NOTES

 KAISER ALUMINUM & CHEMICAL CORPORATION ANNOUNCES TENDER OFFER
 FOR 14 1/4 PERCENT NOTES
 HOUSTON, Oct. 6, /PRNewswire/ -- Kaiser Aluminum & Chemical Corp. (KACC), the operating subsidiary of Kaiser Aluminum Corp. (KAC) (NYSE: KLU), announced that it has commenced a tender offer for its 14 1/4 percent Senior Subordinated Notes Due 1995 and a related consent solicitation to amend certain terms of the indenture under which the notes were issued.
 Under the terms of the tender offer, KACC is offering to purchase the notes for a specified percentage of the principal amount of each tendered note, plus accrued interest. The purchase price to be paid (excluding accrued interest and the consent payment referred to below) is based upon the week in which the tender offer is consummated. If the tender offer is consummated during the week beginning on the following dates, the applicable purchase price will be as follows: week of November 2 -- 106.58 percent; week of November 9 -- 106.39 percent; week of November 16 -- 106.21 percent; week of November 23 -- 106.02 percent; and week of November 30 and thereafter -- 105.84 percent. The tender offer will expire on November 3, 1992, unless extended.
 The related consent solicitation provides for a cash payment equal to 2 percent of the principal amount of 14 1/4 percent notes for which consents have been delivered not later than Oct. 27, 1992, or at such later date as consents are received representing 66 2/3 percent of outstanding 14 1/4 percent notes (the Consent Date).
 Noteholders who tender 14 1/4 percent notes are also obligated to submit their consent to the proposed amendments. In addition, noteholders may not deliver consents without tendering 14 1/4 percent notes. Noteholders who tender their 14 1/4 percentnotes and deliver their consents subsequent to the Consent Date will receive the applicable tender purchase price but not the 2 percent consent payment.
 KACC's obligation to complete the tender offer and consent solicitation is dependent upon certain conditions, including consummation of a pending newoffering of $400 million of KACC Senior Subordinated Notes Due 2002.
 Approximately $320 million of the 14 1/4 percent notes are currently outstanding. KACC intends to retire any of the 14 1/4 percent notes that remain outstanding after the tender offer with the proceeds of the pending new offering.
 Dealer managers for the offer and solicitation are Merrill Lynch & Co., The First Boston Corporation, and Paine Webber Incorporated. Information concerning the tender offer and consent solicitation can be obtained by calling the Information Agent, D.F. King & Co., Inc., toll free at 1-800-669-5550.
 KACC is one of the world's leading producers and marketers of alumina, primary aluminum, and fabricated aluminum products. It is a wholly owned subsidiary of KAC. MAXXAM Inc. (AMEX: MXM) owns 87.3 percent of the common stock of KAC.
 -0- 10/6/92
 /CONTACT: Scott Lamb, 713-267-3826 CO: Kaiser Aluminum and Chemical Corp.; Kaiser Aluminum Corp.;
 MAXXAM Inc. ST: California, Texas IN: MNG SU: OFR


TM -- SF005 -- 6938 10/06/92 09:40 EDT
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Publication:PR Newswire
Date:Oct 6, 1992
Words:510
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