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QUANEX INTENDS TO CALL 9-1/8 PERCENT CONVERTIBLE DEBENTURES FOR REDEMPTION UPON COMPLETION OF PREVIOUSLY ANNOUNCED SECURITIES OFFERING

 QUANEX INTENDS TO CALL 9-1/8 PERCENT CONVERTIBLE DEBENTURES FOR REDEMPTION UPON COMPLETION OF PREVIOUSLY ANNOUNCED SECURITIES OFFERING
 HOUSTON, April 22 /PRNewswire/ -- Quanex Corporation (NYSE: NX), a "Fortune 500" company and leading manufacturer of specialty metal products, announced today that its board of directors has authorized the redemption of the remainder, approximately $15.2 million principal amount, of its 9-1/8 percent convertible subordinated debentures due Sept. 30, 2008, subject to completion of the previously announced public offering of $75 million aggregate liquidation preference convertible exchangeable preferred stock.
 The debentures are redeemable at a price of 106.3875 percent of their principal amount plus accrued interest. The debentures are also convertible into the company's common stock at a price of $16.90 per share at any time up to the close of business on the third day preceding the redemption date. Accordingly, each $1,000 principal amount debenture is convertible into 59.17 shares of Quanex common stock. Yesterday's closing price of the common stock on the New York Stock Exchange was $25.125.
 The company also said that it had recently completed the renewal and extension of an unsecured $40 million, four year revolving credit and letter of credit agreement led by Manufacturers Bank, N.A. and including the Chase Manhattan Bank, N.A., First City, Texas-Houston, N.A., First Interstate Bank of Texas, N.A., Harris Trust and Savings Bank. The intermediate term banking facility, for working capital and general corporate purposes, includes the banks which previously participated in an expanded $130 million revolving credit agreement when Nichols Homeshield was acquired in 1989.
 Carl E. Pfeiffer, chairman of the board and chief executive officer stated that, "The Quanex board of directors has authorized redemption of our 9-1/8 percent convertible subordinated debentures upon completion of the public offering of cumulative convertible exchangeable preferred stock. A redemption date has not been established. Based on the present market price for Quanex common stock we anticipate that most of the 9-1/8 percent convertible debentures will convert into common stock."
 CORPORATE PROFILE
 Quanex is a technological leader in the manufacture of steel, aluminum and titanium specialty metal products for transportation, capital equipment, home building and remodeling and energy processing markets.
 -0- 4/22/92
 /CONTACT: W.F. Cleary of Quanex, 713-961-4600/
 (NX) CO: Quanex Corporation ST: Texas IN: MNG SU:


KD -- NY109 -- 1496 04/22/92 17:22 EDT
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Publication:PR Newswire
Date:Apr 22, 1992
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