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COLTEC INDUSTRIES COMPLETES RECAPITALIZATION

 COLTEC INDUSTRIES COMPLETES RECAPITALIZATION
 NEW YORK, April 1 /PRNewswire/ -- Coltec Industries Inc today


announced that it has completed its previously announced recapitalization. In the recapitalization, Coltec Industries (i) sold 44,275,000 shares of its common stock for net proceeds of approximately $627.6 million before deducting certain expenses of Coltec, (ii) requested the trustee to call all of its outstanding 12-1/2 percent senior subordinated debentures due 2001 for redemption at a total redemption price of approximately $400.4 million, (iii) entered into a new credit agreement with a syndicate of banks providing for term and working capital facilities of up to $565 million of which approximately $442 million was initially required to finance various components of the recapitalization and an additional approximately $54 million was designated for the replacement or assumption of certain existing letters of credit, (iv) repaid approximately $228 million outstanding under, and terminated, its previous letter of credit and revolving credit facility, (v) issued $200 million aggregate principal amount of its 9-3/4 percent senior notes due 2000 for net proceeds to Coltec of approximately $195.2 million before deducting certain expenses of Coltec, (vi) issued $250 million aggregate principal amount of its 10-1/4 percent senior subordinated notes due 2002 for net proceeds of approximately $243.5 million before deducting certain expenses of Coltec and (vii) distributed to Coltec Holdings Inc. a note in the amount of $846.3 million, the proceeds from which will be used by Coltec Holdings, among other things, to purchase and make related consent payments with respect to its 14-3/4 percent senior discount debentures due 2008 tendered pursuant to its tender offer for such securities and to redeem its outstanding preferred stock.
 Morgan Stanley & Co. Incorporated; Donaldson, Lufkin & Jenrette Securities Corporation; The First Boston Corporation and Merrill Lynch & Co. acted as managing underwriters for the offering of common stock in the United States and Canada, and Morgan Stanley International; Credit Suisse First Boston Limited; Donaldson, Lufkin & Jenrette Securities Corporation and Merrill Lynch International Limited acted as managing underwriters for the offering of common stock outside the United States and Canada. Morgan Stanley & Co. Incorporated also acted as sole underwriter for the offerings of the senior notes and senior subordinated notes. Bankers Trust Company, Manufacturers Hanover Trust Company, Barclays Bank PLC, New York Branch and Credit Lyonnais New York Branch are acting as agents under the new term loan and revolving credit facility with the company.
 Coltec Industries, Inc., based in New York, is a manufacturing company with sales in 1991 of approximately $1.4 billion serving aerospace, automotive and other industrial markets.
 -0- 4/1/92
 /CONTACT: Michael Dunn of Coltec Industries, 212-940-0523/ CO: Coltec Industries Inc. ST: New York IN: SU:


SH-OS -- NY076 -- 3982 04/01/92 15:21 EST
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Publication:PR Newswire
Date:Apr 1, 1992
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