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CONSOLIDATED FREIGHTWAYS COMPLETES EARLY REPAYMENT OF PRIVATE PLACEMENT NOTES

 CONSOLIDATED FREIGHTWAYS COMPLETES EARLY REPAYMENT
 OF PRIVATE PLACEMENT NOTES
 PALO ALTO, Calif., June 18 /PRNewswire/ -- Consolidated Freightways Inc. (NYSE: CNF) announced today it has retired the balance of a 9.79 percent $111 million secured note agreement, as part of the company's overall debt reduction program to improve financial flexibility.
 The company entered into the agreement, which was a privately placed financing package, in December 1990. The company retired the remaining principal of this financing package, approximately $97 million, using funds recently raised through a preferred stock offering.
 As part of the agreement, the company incurred certain prepayment expenses for early retirement of the notes, which will be reported as a one-time extraordinary expense in the second quarter. Separately, the company also will record an unrelated second quarter income tax credit approximating the amount of the extraordinary expense.
 "The prepayment of these secured notes will have a positive impact on our balance sheet by reducing corporate debt and interest expense, and improving financial flexibility," said Donald E. Moffitt, president and chief executive officer.
 Consolidated Freightways Inc., is a diversified transportation company with businesses in long-haul and regional next-day trucking, air freight, intermodal truckload and ocean freight shipping, customs brokerage and logistics management services.
 -0- 6/18/92
 /CONTACT: Gary N. Frantz of Consolidated Freightways, 415-494-2900/
 (CNF) CO: Consolidated Freightways ST: California IN: TRN SU:


RM -- SJ005 -- 1725 06/18/92 18:43 EDT
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Publication:PR Newswire
Date:Jun 18, 1992
Words:233
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