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DELPHI FINANCIAL GROUP, INC. TO REDEEM 11-3/4 PERCENT SENIOR SUBORDINATED DEBENTURES

 WILMINGTON, Del., Oct. 6 /PRNewswire/ -- Delphi Financial Group, Inc. (NASDAQ: DLFI) said it intends to redeem all $87.8 million aggregate principal amount of its 11-3/4 percent Senior Subordinated Debentures due 1999 on Nov. 7, 1993.
 The redemption price is equal to 103.42 percent of such principal. Notice of the redemption will be given to holders of the debentures on Oct. 9 by the redemption agent, State Street Bank and Trust Company. Interest will be accrued to the date of redemption.
 Delphi will redeem the 11-3/4 percent Senior Subordinated Debentures with the net proceeds of $30.8 million from its recently completed Class A Common Stock offering and the net proceeds of $82.4 million from its issuance of $85 million of 8 percent Senior Notes due 2003. The remaining proceeds will be used to reduce outstanding indebtedness under Delphi's bank credit agreement. On a pro forma basis, Delphi's interest expense will be reduced from approximately $20 million to $12 million annually.
 Delphi Financial Group, Inc. is an insurance holding company that underwrites, nationally, through its principal subsidiary, Reliance Standard Life Insurance Company, a portfolio of life, long-term disability and personal accident insurance, targeted principally to the employee benefits market. It also operates an asset accumulation business, growing primarily through wholesale transactions and emphasizing intensive investment management. Delphi Financial Group, Inc.'s common stock (DLFI) is quoted through NASDAQ National Market System.
 /delval/
 -0- 10/6/93
 /CONTACT: Gerald R. Roop, director, Finance, of Delphi Financial, 215-787-4274/
 (DLFI)


CO: Delphi Financial Group, Inc. ST: Delaware IN: INS SU:

MJ -- PH019 -- 9432 10/06/93 15:25 EDT
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Publication:PR Newswire
Date:Oct 6, 1993
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