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ALDILA PREPAYS $10 MILLION OF SUBORDINATED DEBT AND ALL $27 MILLION OF SENIOR BANK DEBT REMAINING FROM 1992 ACQUISITION

 SAN DIEGO, June 30 /PRNewswire/ -- Aldila, Inc. (NASDAQ: ALDA), the nation's largest manufacturer of graphite golf club shafts, announced today that it has prepaid $10 million of subordinated debt taken on in its 1992 acquisition by affiliates of Forstmann Little & Co. and members of management.
 The subordinated debt, which was not due until 2003, was prepaid with approximately $6.3 million in net proceeds from Aldila's recent initial public offering and $3.7 million from the company's new revolving bank line and cash on hand. The other $27 million in proceeds from the IPO was used to prepay all of Aldila's remaining senior bank debt from the 1992 acquisition. Aldila's only remaining acquisition debt is $20 million in Forstmann Little subordinated debentures, half due in 2004 and half due in 2005.
 "Repaying all of our bank acquisition debt and the first tranche of our subordinated debt will reduce interest costs by more than $2 million annually," said Gary T. Barbera, president and chief executive officer. "This will give Aldila even greater flexibility to pursue its various growth opportunities in 1993 and beyond."
 Aldila earlier this month completed an IPO of 2,645,000 shares of common stock at a price of $14 per share through underwriters led by Alex. Brown & Sons Incorporated and William Blair & Company. The public now owns approximately 32.4 percent of the company's outstanding shares on a fully diluted basis; Forstmann Little partnerships and Aldila management now own approximately 56.6 percent and 11.0 percent respectively. The Forstmann Little investor group acquired Aldila in January, 1992 for a purchase price of $83 million.
 Aldila designs, manufactures and markets graphite golf club shafts for use in clubs assembled and manufactured by leading golf club companies as well as pro shops, custom club shops and repair shops.
 -0- 6/30/93
 /CONTACT: George Sard or Anna Cordasco of Sard Verbinnen & Co., 212-687-8080, for Aldila, Inc./
 (ALDA)


CO: Aldila, Inc. ST: California IN: SU:

SH-MP -- NY008 -- 7029 06/30/93 09:32 EDT
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Publication:PR Newswire
Date:Jun 30, 1993
Words:335
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