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PENN CENTRAL TO FILE REGISTRATION STATEMENT FOR SECONDARY OFFERING BY AMERICAN FINANCIAL

 CINCINNATI, May 11 /PRNewswire/ -- The Penn Central Corporation (NYSE: PC) announced that it will file a registration statement with the Securities and Exchange Commission for a proposed secondary public offering by American Financial Enterprises, Inc. (AFEI) of 4 million shares of Penn Central common stock owned by AFEI. AFEI is 83 percent owned by American Financial Corporation (AFC).
 AFC currently owns beneficially approximately 51 percent of the 45.4 million Penn Central common shares currently outstanding, including the shares to be offered by AFEI. Upon completion of the 4 million offering, AFC will beneficially own approximately 42 percent of Penn Central's shares, including shares to be retained by AFEI. AFC and AFEI have advised that they have no plans to sell additional Penn Central shares, other than up to 600,000 shares through an option which is expected to be granted to the underwriters of the offering to cover overallotments.
 Penn Central is further advised that AFEI plans to use the proceeds of the offering to reduce substantially its $160 million in private institutional and bank debt, all of which is scheduled to mature later this year.
 The offering will be made only by means of a prospectus which will be contained in a registration statement to be filed with the Securities and Exchange Commission by Penn Central. Penn Central will not sell any shares in the offering and will not receive any of the proceeds of the offering.
 Penn Central is engaged primarily in specialty property and casualty insurance.
 -0- 5/11/93
 /CONTACT: Philip A. Hagel of Penn Central, 513-579-6600/
 (PC)


CO: Penn Central Corporation ST: Ohio IN: INS SU: OFR

SM -- CL022 -- 7058 05/11/93 12:23 EDT
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Publication:PR Newswire
Date:May 11, 1993
Words:282
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