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COUNTRYWIDE CREDIT INDUSTRIES INC. DECLARES CASH DIVIDEND ON $23.75 CONVERTIBLE PREFERRED STOCK

 PASADENA, Calif., May 21 /PRNewswire/ -- Countrywide Credit Industries Inc. (NYSE: CCR), the nation's leading residential mortgage lender, today announced that the company's board of directors declared a cash dividend of $0.59375 per depositary convertible preferred share, each representing one-tenth share of the company's $23.75 convertible preferred stock, for the quarter ending June 30, 1993. The cash dividend is payable June 30, 1993, to shareholders of record on June 25, 1993.
 On April 14, 1993, the company announced that it is calling for redemption all of its outstanding convertible preferred stock. All outstanding depositary convertible preferred shares at the close of business July 6, 1993, will be redeemed for cash at a price of $27.375 per depositary share, plus accrued dividend of $0.0396 per share for a total cash price of $27.4146 per depositary share. Holders can convert their depositary shares into common stock until the close of business on July 6, 1993, at a conversion rate of 4.2 shares of common stock for each depositary share.
 Details concerning the terms and conditions of redemption and conversion will be described in a notice to be mailed to depositary share holders this month. Redemption and conversion transactions will be handled by Chemical Trust Company of California.
 Countrywide Credit Industries Inc. originates, purchases, sells and services loans for single-family homes.
 -0- 5/21/93
 /CONTACT: Karel Carnohan, 818-304-7523, or Laura Lippman, 818-304-4422, both of Countrywide Credit Industries/
 (CCR)


CO: Countrywide Credit Industries Inc. ST: California IN: FIN SU: DIV

BP-JL -- LA012 -- 1072 05/21/93 08:01 EDT
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Publication:PR Newswire
Date:May 21, 1993
Words:261
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