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BURLINGTON COMMENCES TENDER OFFERS AND CONSENT SOLICITATIONS

 BURLINGTON COMMENCES TENDER OFFERS AND CONSENT SOLICITATIONS
 GREENSBORO, N.C., Jan. 28 /PRNewswire/ -- Burlington Industries Equity Inc. said today that the company has commenced its previously-announced tender offers and consent solicitations that are part of a recapitalization plan to refinance or retire all the outstanding high-yield debt securities of Burlington Holdings Inc. and Burlington Industries Capital Inc.
 The company said that it is offering to purchase for cash, and is soliciting consents to amendments of the related indentures for:
 -- all the outstanding 13.875 percent Series B Senior Subordinated
 Notes Due 1996 of Burlington Holdings, Inc. at a price of $1,056
 per $1,000 principal amount, plus interest accrued up to but not
 including the relevant payment date, plus $30 for each $1,000
 principal amount for consents;
 -- all the outstanding 14.25 percent Subordinated Debentures Due
 1999 of Holdings at a price of $1,058 per $1,000 principal
 amount, plus interest accrued up to but not including the
 relevant payment date, plus $30 for each $1,000 principal amount
 for consents;
 -- all the outstanding Series B Junior Subordinated Discount
 Debentures Due 2003 of Holdings at a price of 110.94 percent
 of their accreted value on the day prior to the relevant payment
 date, plus, for consents, 3.0 percent of their accreted value
 on the day prior to the relevant payment date; and
 -- any and all of the outstanding 16.875 percent Senior Discount
 Debentures Due 2004 of Burlington Industries Capital Inc. at a
 price of 128.13 percent of their accreted value on the day prior
 to the relevant payment date, plus, for consents, 3.0 percent of
 their accreted value on the day prior to the relevant payment
 date.
 The tender offers and the consent solicitations are subject to certain conditions, including the availability of financing for the tender offers, consent solicitations and other elements of the recapitalization plan. The company said it has obtained commitments from Chemical Bank, Bankers Trust Company, The Bank of Nova Scotia and NationsBank of North Carolina, N.A. for $1.0 billion of a proposed $1.25 billion bank facility for the transaction. The commitments are subject to the completion of the previously-announced public offering of the company's common stock as well as other customary conditions.
 In addition, each tender offer is conditioned upon there having been accepted for payment at least a majority in aggregate principal amount outstanding of each of the 13.875 percent Series B Subordinated Notes, 14.25 percent Subordinated Debentures and Series B Junior Discount Debentures.
 Holders of debt securities who tender securities in the relevant tender offer will be obligated to consent to the relevant proposed indenture amendment. Holders of securities may not deliver consents without tendering their securities in the applicable tender offer.
 Each of the tender offers and the consent solicitations will expire at midnight, New York City time, on Tuesday, Feb. 25, 1992, unless extended.
 Morgan Stanley & Co. Incorporated and BT Securities Corporation have been retained to act as dealer managers for the tender offers and consent solicitations.
 Burlington Industries Equity Inc. is the parent company of Burlington Industries, Inc. (headquartered in Greensboro, North Carolina), one of the largest and most diversified manufacturers of textile products in the world.
 -0- 1/28/92
 /CONTACT: Bryant Haskins, 919-379-2512, or Dick Windham, 919-379-2303, both of Burlington Industries/ CO: Burlington Industries Capital, Inc.; Burlington Industries, Inc. ST: North Carolina IN: TEX SU: OFR


DF -- CH013 -- 4403 01/28/92 16:31 EST
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Publication:PR Newswire
Date:Jan 28, 1992
Words:580
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