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AGRICULTURAL MINERALS AND CHEMICALS INC. ANNOUNCES SUCCESSFUL SALE OF NOTES

 TULSA, Okla., Oct. 20 /PRNewswire/ -- Agricultural Minerals and Chemicals Inc. (AMCI), the parent of the general partner of Agricultural Minerals Company, L.P. (AMCLP) (NYSE: AMC), announced today that it successfully completed the sale of $175 million of 10-3/4 percent Senior Notes Due 2003. The notes which were sold pursuant to a registration statement filed with the Securities and Exchange Commission will be obligations solely of AMCI and will be unsecured.
 The note offering was managed by Morgan Stanley & Co. Inc.
 The sale of the notes is part of a consolidation and recapitalization which will be effective October 26, 1993. Under the consolidation, Beaumont Methanol Corporation (BMC) will be consolidated under AMCI. The proceeds of the notes will be used to prepay bank debt of BMC and to pay a distribution to AMCI equity holders.
 Agricultural Minerals Corporation, the general partner of AMCLP, and BMC will be separate, wholly-owned subsidiaries of AMCI. The company said that the publicly traded Senior Preference Units of AMCLP would remain outstanding after the consolidation and recapitalization.
 AMCLP is one of the largest U.S. manufacturers and marketers of nitrogen fertilizer products. BMC operates the largest methanol production facility in the U.S., located in Beaumont, Texas. AMCI is a privately owned company. The Morgan Stanley Leveraged Equity Fund II, L.P. owns over 74 percent of the fully diluted common stock of AMCI.
 -0- 10/20/93
 /CONTACT: Robert Gwyn of Agricultural Minerals and Chemicals, 918-660-0050/
 (AMC)


CO: Agricultural Minerals and Chemicals Inc. ST: Oklahoma IN: MNG SU:

TM -- SF022 -- 4847 10/20/93 18:15 EDT
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Publication:PR Newswire
Date:Oct 20, 1993
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