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CINCINNATI MILACRON PAYS DOWN $60 MILLION OF ITS 12 PERCENT NOTES

 CINCINNATI, Ohio, May 18 /PRNewswire/ -- Cincinnati Milacron Inc. (NYSE: CMZ) yesterday paid down $60 million of its $70 million of outstanding 12 percent sinking fund debentures due July 15, 2010. The debentures were redeemed at 107.8 percent of the principal amount plus accrued interest.
 Milacron, which netted more than $100 million from its successful offering of 5.175 million new common shares last month, said the balance of the funds from the offering will be used to pay down bank debt, some of which was incurred in its acquisition of Valenite earlier this year.
 As previously announced, the repayment of the debentures will result in a pre-tax extraordinary loss on early extinguishment of debt of approximately $5 million in the second quarter. The repayment of the debentures and other debt, however, will reduce Milacron's pre-tax interest expense by at least $8.5 million a year.
 "These actions will benefit the company considerably, both this year and in the longer run," said Daniel J. Meyer, chairman and chief executive officer. "Not only have we lowered our interest costs, but we've strengthened our balance sheet and improved our financial flexibility for future growth opportunities."
 Cincinnati Milacron, headquartered in Cincinnati, is one of the world's leading manufacturers of machine tools, plastics machinery and industrial products for metalworking, including grinding wheels, metalworking fluids and Valenite metalcutting tools, as well as related computer controls and software for factory automation. Milacron, with approximately 33 million common shares outstanding, is traded on the New York Stock Exchange under the symbol "CMZ."
 -0- 5/18/93
 /CONTACT: Albert Beaupre of Cincinnati Milacron, 513-841-7241/
 (CMZ)


CO: Cincinnati Milacron Inc. ST: Ohio IN: MAC SU:

PS -- NY063 -- 9714 05/18/93 11:25 EDT
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Publication:PR Newswire
Date:May 18, 1993
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