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CORDIS CALLS OUTSTANDING SUBORDINATED DEBENTURES; NEGOTIATES NEW LINE OF CREDIT

 CORDIS CALLS OUTSTANDING SUBORDINATED DEBENTURES;
 NEGOTIATES NEW LINE OF CREDIT
 MIAMI, Jan. 3 /PRNewswire/ -- Cordis Corporation (NASDAQ-NMS: CORD) said today that it will redeem at part its $13 million in outstanding 12 1/4 percent subordinated sinking fund debentures as of Feb. 10, 1992, which represents the remaining outstanding balance of a 1979 debt issuance of $20 million. The debentures have a scheduled maturity date of June 15, 1999, but are subject to call by the company at any time.
 Holders of the debentures may obtain payment of the principal amount plus accrued interest to the redemption date by surrendering these debentures to the indenture trustee, Manufacturers Hanover Trust Company by mail or in person. The mail address is Manufacturers Hanover Trust Co., Debt Operations, P.O. Box 2862 GPO Station, New York City, N.Y. 10116. Redemption can be made in person at Manufacturers Hanover Street Level Window, 130 John Street, New York City, N.Y. Interest on the debentures will cease as of the redemption date, regardless of when the debentures are surrendered for payment.
 Separately, the company said it has executed a new three-year, $25 million revolving line of credit and a $2 million letter of credit facility. Both agreements are with NCNB National Bank of Florida (soon to be NationsBank) replacing a prior $20 million domestic credit line.
 Alfred J. Novak, vice president, treasurer and chief financial officer, said these actions will help position Cordis for future growth. Redeeming the debentures, he said, "represents a continuing effort to strengthen the company's performance by improving cash flow and allowing flexibility for future financings, if needed,"
 Miami-based Cordis Corporation manufactures and markets a variety of medical devices and systems for the angiographic and neuroscience markets. Shares of the company's stock are traded on the NASDAQ National Market under the symbol CORD.
 -0- 1/3/92
 /CONTACT: Chick McDowell, vice president of corporate relations and assistant secretary of Cordis Corporation, 305-824-2821/
 (CORD) CO: Cordis Corporation ST: Florida IN: HEA SU:


AW-SS -- FL001 -- 6397 01/03/92 09:14 EST
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Publication:PR Newswire
Date:Jan 3, 1992
Words:340
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