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BINDLEY WESTERN INDUSTRIES, INC. OFFERS $65 MILLION OF 6-1/2 PERCENT CONVERTIBLE SUBORDINATED DEBENTURES DUE 2002

 BINDLEY WESTERN INDUSTRIES, INC. OFFERS $65 MILLION OF
 6-1/2 PERCENT CONVERTIBLE SUBORDINATED DEBENTURES DUE 2002
 INDIANAPOLIS, Sept. 18 /PRNewswire/ -- Bindley Western Industries, Inc. (NASDAQ: BIND) announced today the pricing of $65,000,000 of 6 1/2 percent convertible subordinated debentures due 2002 priced at par. The debentures will mature on Oct. 1, 2002. Interest on the debentures is payable on April 1 and Oct. 1 of each year, commencing April 1, 1993. The debentures are convertible into shares of common stock of the company at any time prior to maturity, unless previously redeemed, at a conversion price of $19.825 per share, subject to adjustment in certain events. The debentures are redeemable at the option of the company at any time on or after Oct. 1, 1996, at specified redemption prices. The company has granted the underwriters a 30-day option to purchase up to an additional $6,500,000 aggregate principal amount of debentures. Salomon Brothers Inc, Smith Barney, Harris Upham & Co. Incorporated and McDonald & Company Securities, Inc. managed the underwriting. The debentures are listed on the NASDAQ Small-Cap Market under the symbol BINDG.
 The net proceeds of the offering will be used for repayment of indebtedness under the company's bank credit agreement.
 Bindley Western Industries, Inc. is one of the largest wholesale distributors of ethical pharmaceuticals (prescription drugs) in the United States. The company also carries a broad range of non- pharmaceutical products designed to supplement its sales of ethical pharmaceuticals. Its principal customers are chain drug companies which operate their own warehouses. Other customers include individual drug stores, both independent and chain, hospitals, clinics, and other health care providers. The company distributes over 30,000 products to customers in 39 states plus Puerto Rico from its 13 distribution centers.
 -0- 9/18/92
 /CONTACT: Thomas J. Salentine, executive vice president, chief financial officer and treasurer of Bindley Western Industries, 317-298-9890/
 (BIND) CO: Bindley Western Industries, Inc. ST: Indiana IN: MTC SU: OFR


KD -- NY079 -- 1292 09/18/92 16:52 EDT
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Publication:PR Newswire
Date:Sep 18, 1992
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