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SCHULER HOMES INC. ANNOUNCES $50,000,000 CONVERTIBLE SUBORDINATED DEBENTURE OFFERING

 HONOLULU, Jan. 22 /PRNewswire/ -- Schuler Homes Inc. (NASDAQ: SHLR) announced today its sale of $50 million of convertible subordinated debentures due 2003, with a coupon rate of 6 1/2 percent at a conversion price of $21.83 per share, and the trading of the debentures on NASDAQ under the trading symbol SHLRG. The company has agreed to sell up to an additional $7,500,000 of debentures upon exercise of an over-allotment option granted to the underwriters by the company. Montgomery Securities and PaineWebber Inc. are co- managers of the underwriting group for the offering.
 The company expects to use the net proceeds from the offering to purchase two parcels of land on the Island of Oahu, Hawaii (Salt Lake and Makakilo) on which the company plans to develop 580 and 500 condominiums, respectively.
 This announcement shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 These securities are offered only by means of a prospectus. A copy of the prospectus may be obtained by contacting: Montgomery Securities, 600 Montgomery St., San Francisco, CA 94111, 415-627-2000, Attn: Syndicate Department.
 Schuler Homes is one of the leading developers of affordably priced residential housing in Hawaii. The company's developments primarily consist of low-rise, multifamily homes, such as condominiums and townhomes, and to a lesser extent, single-family homes and residential lots.
 -0- 1/22/93
 /CONTACT: James K. Schuler, president, or Pamela S. Jones, senior VP-finance and CFO, of Schuler Homes, 808-521-5661/
 (SHLR)


CO: Schuler Homes Inc. ST: Hawaii IN: CST SU: OFR

JL-JB -- LA003 -- 7802 01/22/93 10:00 EST
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Publication:PR Newswire
Date:Jan 22, 1993
Words:300
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