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SHEFFIELD INDUSTRIES COMPLETES PRIVATE PLACEMENT OF NOTES

 SHEFFIELD INDUSTRIES COMPLETES PRIVATE PLACEMENT OF NOTES
 MIAMI, June 24 /PRNewswire/ -- Sheffield Industries, Inc. (NASDAQ: HOSE), manufacturers and distributors of men's, women's and children's apparel products including ladies sheer hosiery, announced today the completion of the private placement of $7.7 million of 10 percent convertible subordinated notes. The notes are convertible into Sheffield's common stock on Nov. 30, 1992 at 75 percent of the lower of (a) the average last sale price on the 15 trading days preceding the conversion date or (b) the price of any interim public offering of common stock. Josephthal, Lyon & Ross Incorporated served as private placement agent.
 Mitchell A. Hammer, president of Sheffield said, "These funds will facilitate the expansion of Sheffield's facilities and the assimilation of three acquisitions completed in the last 16 weeks."
 Sheffield Industries, Inc. manufactures and distributes ladies hosiery products including pantyhose, knee-highs and tights under the private labels of its customers which include K-Mart, Wal-Mart, J.C.Penney, Rite-Aid, F.W. Woolworth, PharMor, Family Dollar, Payless Shoe Source and Sears. Sheffield also manufactures and markets "Fruit of the Loom" pantyhose, knee-highs and children's tights and fashion- oriented products in its "Chic" brand label program; distributes T- shirts and sweat shirts and pants under licenses from major colleges and universities; manufactures and markets "LeRoi" children's pantyhose, tights and sleepwear; and manufactures printed and embroidered sweatshirts and T-shirts sold under the "Beezil" label through 2,000 college bookstores, hotels and resorts plus the Walt Disney Co.
 -0- 6/24/92
 /CONTACT: Mitchell A. Hammer, president of Sheffield Industries, 305-624-8493/
 (HOSE) CO: Sheffield Industries Inc. ST: Florida IN: TEX SU:


LR-TQ -- NY015 -- 3211 06/24/92 10:34 EDT
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Publication:PR Newswire
Date:Jun 24, 1992
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