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ABITIBI-PRICE ANNOUNCES U.S. DEBT OFFERING

 TORONTO, Nov. 20 ~PRNewswire~ -- Abitibi-Price Inc. (NYSE: ABY) announced today that it has filed a preliminary prospectus with regulatory authorities relating to a public offering of debentures in the United States.
 The debentures will be sold by: The First Boston Corporation; Kidder, Peabody & Co. Incorporated; and Merrill Lynch & Co. The offering is expected to be in the range of US$150 million. Net proceeds from the offering will be used for the refinancing of certain outstanding debt obligations of Abitibi-Price.
 Eileen Mercier, chief financial officer of Abitibi-Price, said, "This refinancing is a crucial part of the company's restructuring. The focus of Abitibi-Price is its newsprint and groundwood papers business, where we are building shareholder value. As part of this strategy, we have been taking significant steps to strengthen our balance sheet and reduce short-term obligations. This financing will lengthen the term to maturity of our long-term debt and allow cash flow from the business to be used for value-enhancing investments."
 Abitibi-Price, a major competitor in the global forest products industry, is a producer of newsprint, uncoated groundwood papers and coated papers. The company is a prominent distributor of office and information-processing products, as well as a converter of industrial goods and products for home, school and office use.
 Symbols: A (Toronto, Montreal and Vancouver stock exchanges)
 ABY (New York Stock Exchange)
 -0- 11~20~92
 ~CONTACT: Colin Fraser, treasurer, 416-369-6704 or Eileen A. Mercier, CFO, 416-369-6718, both of Abitibi-Price~
 (ABY)


CO: Abitibi-Price Inc. ST: Ontario IN: PAP SU: OFR

CK -- NY039 -- 3443 11~20~92 14:31 EST
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Publication:PR Newswire
Date:Nov 20, 1992
Words:258
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