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DEL WEBB SUCCESSFULLY COMPLETES CONVERSION OF DEBT TO EQUITY

 DEL WEBB SUCCESSFULLY COMPLETES CONVERSION OF DEBT TO EQUITY
 PHOENIX, June 2 /PRNewswire/ -- Del Webb Corporation (NYSE: WBB) reported today that it has successfully converted $48.6 million of subordinated debt to common equity. The conversion was accomplished by an underwritten redemption call of the company's 10-3/8 percent convertible subordinated debentures which bondholders exchanged for Webb common stock. Montgomery Securities assisted the company in the transaction.
 Each $1,000 principal amount of debenture converted to 66.67 shares of the company's common stock. As a result, the company increased the number of outstanding common shares by 3.2 million shares. After the conversion there are 15.7 million shares of Webb common stock outstanding.
 "This transaction has significantly improved our financial condition by strengthening the equity base of our company, lowering our debt-to- equity ratio and reducing interest costs," said Philip J. Dion, chairman and chief executive officer. "In addition, during the past 12 months we have raised in the public markets approximately $132 million of new debt and equity capital. This, combined with nearly $80 million in unused borrowed commitments from banks, provides us with the capital necessary to carry out our business plan which includes Sun City Palm Springs, where marketing efforts and home construction have begun, and expansion of our Phoenix and Las Vegas communities," Dion said.
 Del Webb Corporation is the nation's leading developer of active adult communities with projects in the Phoenix, Tucson, Las Vegas and Palm Springs metropolitan areas.
 -0- 6/2/92
 /CONTACT: Ken Plonski of Del Webb, 602-468-6871 (office) or 602-972-1210 (home)/
 (WBB) CO: Del Webb Corporation ST: Arizona IN: SU:


CH -- SD003 -- 6408 06/02/92 17:29 EDT
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Publication:PR Newswire
Date:Jun 2, 1992
Words:279
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