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CYPRUS ANNOUNCES OFFERING OF $250 MILLION OF 6 5/8 PERCENT NOTES

 DENVER, Oct. 22 /PRNewswire/ -- Cyprus Minerals Co. (NYSE: CYM) announced today the public offering of $250 million of 6 5/8 percent Notes Due Oct. 15, 2005, priced at 99.392 percent to yield 6.70 percent under the Shelf Registration of January 1993. The Notes are not redeemable by the company prior to maturity.
 Milton H. Ward, chairman, president and chief executive officer said, "The timing of this issue was driven by current attractive interest rates. After the Cyprus Amax merger, which is expected to close on Nov. 15, 1993, we will be looking at debt repayments and refinancing of approximately $350 million by the end of next year. This debt issue, combined with the repayments and refinancing, will reduce our level of interest expense by as much as $20 million annually and restructure our debt maturities so that we will not have any significant repayments until after the year 2000. This is the first of several steps that we are taking to improve our financial flexibility."
 Kidder, Peabody & Co. Incorporated; Dillon, Read & Co. Inc.; Merrill Lynch & Co.; and Morgan Stanley & Co. Incorporated underwrote the offering.
 Cyprus Minerals, headquartered in Englewood, Colo., is a major producer of copper, coal and lithium. The company also produces iron ore and molybdenum.
 -0- 10/22/93
 /CONTACT: Michael Rounds of Cyprus Minerals, 303-643-5186/
 (CYM)


CO: Cyprus Minerals Co. ST: Colorado IN: MNG SU: OFR

BB -- DV001 -- 5666 10/22/93 11:03 EDT
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Publication:PR Newswire
Date:Oct 22, 1993
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