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DWG CORPORATION ANNOUNCES REFINANCING DETAILS

 MIAMI, Feb. 16 /PRNewswire/ -- DWG Corporation (AMEX: DWG) announced today that commitment letters had been executed for the refinancing of indebtedness which is a condition precedent to the consummation of the previously announced transactions among DWG, DWG Acquisition Group, L.P. (a limited partnership of which Nelson Peltz and Peter W. May are general partners) and/or Victor Posner and certain related entities.
 DWG stated that its subsidiary, Royal Crown Corporation, had entered into a commitment letter with Chemical Bank pursuant to which Chemical has committed to lead a $220 million secured credit facility for such subsidiary, consisting of a $180 million secured term loan and a $40 million secured revolving credit facility, subject to the terms and conditions set forth in the commitment letter. DWG also stated that its subsidiary, Graniteville Company, had entered into a commitment letter with The CIT Group/Commercial Services, Inc. pursuant to which CIT has committed to lead a $180 million secured credit facility, consisting of a $100 million secured revolving credit facility and an $80 million secured term loan, subject to the terms and conditions set forth in its commitment letter.
 The proceeds of the financings contemplated by the commitment letters will be used to refinance certain indebtedness of DWG and its subsidiaries and to provide additional financing for general liquidity and working capital purposes. The financings contemplated by the commitment letters are subject to numerous standard conditions, including the completion of "due diligence" by the respective lenders and the execution and delivery of definitive financing agreements and related documentation. In addition, the financings are subject to the condition that the previously announced transactions with DWG Acquisition be consummated.
 DWG also reported that it was discussing the sale to certain investors of up to approximately 2.1 million newly issued shares of its common stock for $12 per share payable in cash (or an aggregate of up to $25 million) but that the consummation of the sale of such shares is not a condition of the closing of the transactions with DWG Acquisition or the financings contemplated by the commitment letters.
 DWG also stated that, in response to comments from the staff of the Securities and Exchange Commission, it had filed revised preliminary proxy material with the Securities and Exchange Commission and was awaiting additional comments, if any, prior to mailing definitive proxy material for its special meeting of shareholders now expected to be rescheduled and held in March 1993.
 -0- 2/16/93
 /CONTACT: Jack Coppersmith, executive vice president of DWG Corporation, 305-866-7771/
 (DWG)


CO: DWG Corporation ST: Florida IN: SU: RCN OFR

JJ-AW -- FL013 -- 6870 02/16/93 14:36 EST
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Date:Feb 16, 1993
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