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UNDERWRITERS EXERCISE OVER-ALLOTMENT OPTION

 UNDERWRITERS EXERCISE OVER-ALLOTMENT OPTION
 DALLAS, June 2 /PRNewswire/ -- Paging Network, Inc. (NASDAQ: PAGE)


announced that Prudential Securities Incorporated, as the lead manager of the U.S. and international underwriting group, has exercised its over-allotment option and purchased an additional 900,000 shares of PageNet common stock. In May the underwriting group sold six million shares of PageNet common stock, bringing the total sold in the offering to 6,900,000 shares.
 All proceeds from the offering went to selling shareholders, mainly First Capital Corporation of Chicago and certain limited partners of The Golder Thoma Fund.
 The offering was priced at $16 per share. The last reported sale on June 1 was priced at $18.75.
 "The success of this offering and the simultaneous offer of $200 million of senior subordinated notes marks another milestone in PageNet's 11-year history," said George M. Perrin, president and chief executive officer. "While the company received no funds from the common stock offering, the offering had the effect of broadening the shareholder base and will result in enhanced liquidity for the company's shares -- after exercising the over-allotment option, the company will have nearly 16 million of its 33.5 million shares trading freely.
 "The successful completion of the $200 million notes offering provides the capital foundation that allows the company to expand into the majority of the million-plus population centers in the country by the mid 1990s."
 PageNet is the largest and fastest growing provider of paging services in the country. The company offers local, regional and nationwide service in 22 states and the District of Columbia.
 -0- 6/2/92
 /CONTACT: Jenny Haynes of Paging Network, 214-985-6986, or page, 214-835-9381/
 (PAGE) CO: Paging Network Inc. ST: Texas IN: TLS SU: OFR


LR -- NY054 -- 6299 06/02/92 15:06 EDT
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Publication:PR Newswire
Date:Jun 2, 1992
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