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THERMO INSTRUMENT SYSTEMS INC. TO REDEEM CONVERTIBLE DEBENTURES

 THERMO INSTRUMENT SYSTEMS INC. TO REDEEM CONVERTIBLE DEBENTURES
 WALTHAM, Mass., Sept. 15 /PRNewswire/ -- Thermo Instrument Systems Inc. (AMEX: THI) today announced that it will call for redemption, on Oct. 15, 1992, all of its outstanding 6-3/4 percent convertible subordinated debentures due 1997. The redemption price is 102.70 percent of the principal amount of the debentures plus accrued interest to the redemption date, or a total of $1,047.25 for each $1,000 principal amount of debentures. There is approximately $8,055,000 principal amount of the debentures currently outstanding. The debentures were originally issued by Thermo Environmental Corporation, which merged with a subsidiary of Thermo Instrument Systems.
 As an alternative to redeeming for cash, holders of debentures have the option, until the close of business on Oct. 15, 1992, of converting their debentures into Thermo Instrument Systems common stock at a conversion price of $16.25 per share. This is equivalent to approximately 61.538 shares of common stock for each $1,000 principal amount of debentures converted. Based on the closing price of $25-3/8 of Thermo Instrument Systems common stock on the American Stock Exchange on Sept. 14, 1992, 61.538 shares have a current market value of approximately $1,561.53, which exceeds the redemption price. Accrued interest will be paid upon the conversion of the debentures.
 Thermo Instrument Systems will enter into a standby arrangement with County NatWest Securities Limited pursuant to which County NatWest Securities Limited will purchase from the company the number of shares of common stock that would have been issued upon conversion of debentures that either have been surrendered for redemption or have not been surrendered for conversion by the close of business on Oct. 15, 1992.
 The details concerning terms and conditions of redemption or conversion are fully described in a notice published in The Wall Street Journal, Financial Times, and Luxemburger Wort on Sept. 15, 1992. Redemption or conversion transactions will be handled by Chemical Bank.
 Thermo Instrument Systems develops, manufactures, and markets analytical instruments used to detect and monitor air pollution, radioactivity, complex chemical compounds, and toxic metals and other elements in a broad range of liquids and solids. The company also provides environmental science and engineering services, laboratory- based testing, and nuclear health physics services. Thermo Instrument Systems is a public subsidiary of Thermo Electron Corporation (NYSE: TMO).
 -0- 9/15/92
 /CONTACT: John N. Hatsopoulos of Thermo Electron, 617-622-1111, for Thermo Instrument Systems/
 (THI TMO) CO: Thermo Instrument Systems Inc. ST: Massachusetts IN: OIL SU:


CN -- NE005 -- 9487 09/15/92 09:10 EDT
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Publication:PR Newswire
Date:Sep 15, 1992
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