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AG SERVICES OF AMERICA, INC. ANNOUNCES THE PUBLIC OFFERING OF 7 PERCENT CONVERTIBLE SUBORDINATED DEBENTURES DUE 2003

 CEDAR FALLS, Iowa, April 23 /PRNewswire/ -- Ag Services of America, Inc. (NASDAQ: AGSV) announced today the public offering of $12,000,000 principal amount of 7 percent Convertible Subordinated Debentures due 2003. The debentures are convertible at any time before maturity, unless previously redeemed or repurchased, into shares of the common stock of Ag Services of America, Inc. at a conversion price of $18.50 per share, subject to adjustment in certain events. The company has granted the underwriters an option to purchase up to $1,800,000 principal amount of additional debentures to cover over-allotments. The company will use the net proceeds of the offering to pay down its bank line of credit and for working capital. Fahnestock & Co. Inc. and Burnham Securities Inc. acted as underwriters for the public offering.
 The 7 percent Convertible Subordinated Debentures will be traded on the NASDAQ over-the-counter market under the symbol AGSVG.
 Ag Services of America, Inc. supplies farm inputs including seed, fertilizer, agricultural chemicals, crop insurance, and cash advances for land rent, fuel, and irrigation to farmers primarily in the central United States.
 Copies of the prospectus may be obtained from Fahnestock & Co. Inc., 110 Wall Street, New York, N.Y. 10005.
 -0- 4/23/93
 /CONTACT: Bard Schlotfeldt of Ag Services of America, 319-277-0261/
 (AGSV)


CO: Ag Services of America, Inc. ST: Iowa IN: AGR SU: OFR

AL -- MN009 -- 0008 04/23/93 11:34 EDT
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Publication:PR Newswire
Date:Apr 23, 1993
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