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CONE MILLS FILES REGISTRATION FOR SECONDARY SALE OF 5,000,000 COMMON SHARES PURCHASED BY BANK AFFILIATES IN 1984

 GREENSBORO, N.C., Jan. 13 /PRNewswire/ -- Cone Mills (NYSE: COE) announced that it filed today a registration statement with the Securities and Exchange Commission for the secondary sale of 5,000,000 shares of its common stock by a group of nine bank affiliates and a charitable trust. These shares were acquired in connection with the financing of the 1984 leveraged transaction in which Cone Mills became a private company. Neither Cone Mills nor its management will sell any shares in the offering and all proceeds will go to the selling shareholders.
 The offering will be made by a U.S. and International Group of Underwriters led by Prudential Securities and J. P. Morgan Securities. The selling shareholders will grant to the underwriters an option to purchase from them 750,000 additional common shares to cover over- allotments.
 The purpose of the offering, undertaken pursuant to a registration rights agreement among Cone Mills and the selling shareholders, is to enable these shareholders to realize liquidity on a portion of their 1984 investment as well as to broaden public ownership of the company's stock.
 Cone Mills Corporation, headquartered in Greensboro, N.C., is the largest producer of denim fabrics in the world and is the largest printer of home furnishings fabrics in the United States. Cone Mills common stock returned to the New York Stock Exchange in June 1992 and is listed under the symbol "COE."
 A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the Registration Statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 Copies of the preliminary prospectus relating to the securities can be obtained from Prudential Securities Incorporated, One Seaport Plaza, New York, N.Y., Attn: Prospectus Department, and J. P. Morgan Securities, Inc., 5th Floor, 60 Wall Street, New York, N.Y., Attn: Prospectus Department.
 -0- 1/13/93
 /CONTACT: John L. Bakane, Vice President & CFO, 919-379-6940, or (Investor Relations) David E. Bray, Treasurer, 919-379-6098, both of Cone Mills/
 (COE)


CO: Cone Mills Corporation ST: North Carolina IN: TEX SU:

SB -- CH004 -- 4554 01/13/93 16:17 EST
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Publication:PR Newswire
Date:Jan 13, 1993
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