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 BOISE, Idaho, Aug. 26 /PRNewswire/ -- Boise Cascade Corp. (NYSE: BCC) announced today that it has filed a registration statement with the Securities and Exchange Commission covering an offering of 7.5 million depositary shares, each representing one-tenth of a share of conversion preferred stock, Series G -- referred to as Automatically Convertible Equity Securities, ACES(SM).
 The proceeds of the offering will be used by Boise Cascade to reduce debt and for other corporate purposes.
 The initial public offering price of the depositary shares is expected to be based on the company's common stock price at the time the offering is made. Each depositary share will automatically convert into one share of common stock of the company after four years, can be redeemed by the company for common stock within 90 days of the automatic conversion date at specified call prices, and can be converted by the holders into common stock at a specified conversion rate at any time prior to redemption or automatic conversion. The dividend rate, call prices, optional conversion rate, and liquidation preference on the depositary shares will be determined prior to the offering and stated in the prospectus.
 The opportunity for equity appreciation in these depositary shares is less than with an investment in the company's common stock. In return, the dividend will be higher than the current dividend rate on the company's common stock.
 The underwriters, led by Goldman, Sachs & Co., Lazard Freres & Co., and Salomon Brothers Inc., will be granted the option to purchase up to an additional 1,125,000 depositary shares solely to cover over- allotments, if any.
 The registration statement has not yet become effective. These shares may not be sold, nor may offers to buy be accepted prior to the time the registration statement becomes effective. This news release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sale of these shares in any state in which the offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of that state.
 Boise Cascade Corp. is an integrated paper and forest products company headquartered in Boise with operations located in the United States and Canada. The company manufactures and distributes paper and paper products, office products, and building products and owns and manages timberland to support these operations.
 -0- 8/26/93
 /CONTACT: Vincent Hannity of Boise Cascade Corp., 208-384-6390, or after hours, 208-345-8141/

CO: Boise Cascade Corp. ST: Idaho IN: PAP SU: OFR

AL -- SE002 -- 6027 08/26/93 09:11 EDT
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Publication:PR Newswire
Date:Aug 26, 1993

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