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BURLINGTON INDUSTRIES EQUITY INC. ANNOUNCES COMPLETION OF IPO

 BURLINGTON INDUSTRIES EQUITY INC. ANNOUNCES COMPLETION OF IPO
 GREENSBORO, N.C., March 26 /PRNewswire/ -- Burlington Industries Equity Inc. (NYSE: BUR) said today that the company had completed its previously announced initial public offering of 44,930,000 shares of common stock at a price of $14 per share, together with the direct placement at a price of $14 per share of 12,070,000 shares of nonvoting common stock with The Equitable Life Assurance Society of the United States and certain of its affiliates.
 The company also said it had completed a new $1.275 billion bank financing with a syndicate of lenders. The proceeds of the initial public offering, the direct placement and the bank financing are being used to implement a comprehensive recapitalization plan.
 As previously announced, the company's tender offers for outstanding public debt securities of Burlington Holdings Inc. and Burlington Industries Capital Inc. will expire at midnight, New York City time, on Thursday, March 26, 1992. The company expects to purchase all debt securities validly tendered prior to such time on Friday, March 27, 1992.
 Burlington Industries Equity Inc. is the parent company of Burlington Industries, Inc. (headquartered in Greensboro, N.C.), one of the largest and most diversified manufacturers of textile products in the world.
 -0- 3/26/92
 /CONTACT: Tom Daly of Kekst & Company, 212-593-2655, for Burlington Industries, or Bryant Haskins of Burlington Industries, 919-379-2512/
 (BUR) CO: Burlington Industries Equity Inc. ST: North Carolina IN: TEX SU: OFR


AT -- CH002 -- 1901 03/26/92 10:53 EST
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Publication:PR Newswire
Date:Mar 26, 1992
Words:253
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