Printer Friendly

RELIANCE GROUP HOLDINGS PLANS PUBLIC OFFERING OF 25 MILLION SHARES OF COMMON STOCK AND $650 MILLION OF DEBT

    NEW YORK, Aug. 13 /PRNewswire/ -- Reliance Group Holdings, Inc. (NYSE: REL) announced today that it has filed with the Securities and Exchange commission a registration statement relating to the proposed simultaneous public offering of 25 million shares of common stock, $300 million principal amount of senior notes and $350 million principal amount of senior subordinated debentures.
    The prices and terms of the securities will be determined at the time of the offerings.  Proceeds from the offerings would be used to repay in full all of the outstanding public debt of the company and its subsidiaries, Reliance Group, Incorporated and Reliance Financial Services Corporation.  Reliance said repayments would be made promptly following the consummation of the offerings.
    Donaldson, Lufkin & Jenrette Securities Corporation will be the lead managing underwriter on both the equity and debt offerings.  The equity offering will co-managed by Bear, Stearns & Co. Inc.; The First Boston Corporation; Kidder, Peabody & Co. Incorporated; Oppenheimer & Co., Inc.; and Furman Selz Incorporated.  The debt offering will be co- managed by Bear, Stearns & Co. Inc.; BT Securities Corporation; The First Boston Corporation; and Wasserstein Perella Securities Inc.
    Headquartered in New York, Reliance's principal operations are in property and casualty insurance and title insurance.  Its four principal property and casualty operations consist of Reliance National, Reliance Insurance, Reliance Reinsurance and Reliance Surety.  Its title business consists of Commonwealth Land Title Insurance Company and Transamerica Title Insurance Company.  Revenues totaled $2.76 billion in 1992 and consolidated assets at year-end were $8.19 billion.
    A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective.  These securities may not be sold no may offers to buy be accepted prior to the time the registration statement becomes effective.  This press release shall not constitute an offer to sell or the solicitation of an offer to buy, or shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to a registration or qualification under the securities laws of any such state.
    A copy of the preliminary prospectus relating to these securities may be obtained from Donaldson, Lufkin & Jenrette, 140 Broadway, New York, N.Y.
    -0-             08/13/93
    CONTACT:  Brian T. Martin, vice president-communications of Reliance Group Holdings, 212-909-1247
    (REL) CO:  RELIANCE GROUP HOLDINGS, INC. IN:  INS ST:  NY


-- NY025 -- X575 08/13/93
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 13, 1993
Words:399
Previous Article:HORIZON AIR TO USE ALASKA JETS ON SPOKANE-SEATTLE SHUTTLE
Next Article:VAALCO REPORTS SECOND QUARTER EARNINGS
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters