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ALCO STANDARD OFFERS 3.5 MILLION DEPOSITARY SHARES OF CONVERTIBLE PREFERRED STOCK AT $50 PER SHARE

 VALLEY FORGE, Pa., Dec. 16 /PRNewswire/ -- Alco Standard Corporation (NYSE: ASN) announced today the offering of 3.5 million Depositary Shares amounting to $175 million.
 Each Depositary Share is priced at $50 and represents 1/100 of a share of Alco's Series AA Convertible Preferred Stock.
 Shares of the Series AA Convertible Preferred Stock are convertible at any time at the option of the holder into shares of common stock of Alco at a conversion price of $44.64 per share (equivalent to a conversion rate of 1.1201 shares of common stock for each Depository Share), subject to adjustment. Cumulative dividends will accrue on the Series AA Convertible Preferred Stock in an amount equivalent to $2.375 per annum per Depository Share through Jan. 2, 1996, and in an amount equivalent to $3.25 per annum per Depository Share thereafter. Goldman, Sachs & Co. and Lehman Brothers are acting as representatives of the underwriters for the offering.
 The net proceeds of the offering will be used by Alco to repay a portion of the debt incurred to finance recent acquisitions in Canada and Europe. Any remaining proceeds will be used for general corporate purposes.
 Alco Standard Corporation, headquartered in Valley Forge, is a publicly owned paper and office products distribution company.
 /delval/
 -0- 12/16/92
 /CONTACT: David B. Kirkland, 215-296-8000, or home, 215-542-9025, or Kathleen M. Burns, 215-993-3682, or home, 215-828-2077, both of Alco Standard/
 (ASN)


CO: Alco Standard Corporation ST: Pennsylvania IN: PAP SU: OFR

MJ-MP -- PH003 -- 7651 12/16/92 11:04 EST
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Publication:PR Newswire
Date:Dec 16, 1992
Words:256
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