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BINDLEY WESTERN INDUSTRIES, INC. 8-5/8 PERCENT CONVERTIBLE SUBORDINATED DEBENTURES DUE 2010

 BINDLEY WESTERN INDUSTRIES, INC. 8-5/8 PERCENT
 CONVERTIBLE SUBORDINATED DEBENTURES DUE 2010
 INDIANAPOLIS, March 3 /PRNewswire/ -- Bindley Western Industries, Inc. (NASDAQ: BIND) announced today that is has called for redemption on April 2, 1992, all of its outstanding 8-5/8 percent Convertible Subordinated Debentures Due 2010 at a Redemption Price of $1,034.50 per $1,000 principal amount of Debenture plus accrued interest through the redemption date. A formal notice of redemption is being mailed today to all holders of record.
 Debentureholders may elect to convert their debentures into shares of common stock of the company prior to 5 p.m., Eastern Standard Time, April 1, 1992, which is the day immediately preceding the redemption date, at a conversion price of $14.64 per share of common stock (approximately 68.3 shares of common stock per $1,000 principal amount of Debentures). As long as the market price per share of common stock is greater than $15.74 at the time of conversion, the aggregate market price of the shares of common stock to be received upon conversion (including cash in lieu of any fractional share) will be greater than the amount of cash receivable upon redemption. The closing sale price of the company's common stock on the NASDAQ National Market System was $19.125 per share on March 2, 1992.
 Arrangements have been made with Salomon Brothers Inc. to purchase from the company all of the shares of its common stock that would be deliverable upon conversion of those debentures that are not surrendered for conversion by 5 p.m., eastern standard time, on April 1, 1992. Proceeds from the sale will be used to pay the redemption price of such debentures. The company has filed a registration statement with the Securities and Exchange Commission with respect to such shares of common stock. Any offering of such shares will be made only by means of a prospectus.
 Debentures may be surrendered for conversion or redemption to Bank One, Indianapolis, N.A., Bindley Western Debenture Exchange, 317-321-7638.
 Indianapolis-based Bindley Western, with 1991 revenues of $2.4 billion, is one of the largest drug wholesalers in the United States specializing in the distribution of ethical pharmaceuticals and related products. The firm serves customers in 39 states through distribution centers in Atlanta, Brocton, Mass., Charlotte, N.C., Dallas, Houston, Texas, Indianapolis, Middletown, Pa., Orlando, Fla., Phoenix, Ariz., San Dimas, Calif. and Stamford, Conn.
 -0- 3/3/92
 /CONTACT: Sue Goebel of Bindley Western Industries, Inc., 317-298-9900/
 (BIND) CO: Bindley Western Industries, Inc. ST: Indiana IN: REA SU:


CG -- CL017 -- 4628 03/03/92 16:26 EST
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Publication:PR Newswire
Date:Mar 3, 1992
Words:435
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