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MASCO CAPITAL ANNOUNCES SALE OF ITS PAYLESS CASHWAYS SUBORDINATED DISCOUNT DEBENTURES

 MASCO CAPITAL ANNOUNCES SALE
 OF ITS PAYLESS CASHWAYS SUBORDINATED DISCOUNT DEBENTURES
 TAYLOR, Mich., Dec. 6 /PRNewswire/ -- Masco Corporation (NYSE: MAS) and Masco Industries, Inc. (NASDAQ: MASX) today announced that their jointly owned affiliate, Masco Capital Corporation, sold all of the Payless Cashways, Inc. Junior Subordinated Discount Debentures which had been owned by Masco Capital. The Debentures, originally acquired for approximately $168 million in 1988 as part of a restructuring of Payless Cashways, Inc., were sold to Merrill Lynch, Pierce, Fenner & Smith Incorporated for approximately $290 million, a price approximating the fully accreted value at which these Debentures are carried on the books of Masco Capital.
 Masco Corporation manufactures building, home improvement and home furnishing products for the home and family.
 Masco Industries manufactures custom engineered and other commercial and specialty industrial products.
 -0- 12/6/91
 /CONTACT: John C. Nicholls Jr., treasurer, Masco Corporation, 313-274-7400/
 (MAS MASX) CO: Masco Corporation; Masco Industries, Inc.; Masco Capital
 Corporation; Payless Cashways, Inc. ST: Michigan IN: CST SU:


KK -- DE009 -- 0073 12/06/91 11:40 EST
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Publication:PR Newswire
Date:Dec 6, 1991
Words:173
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