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EQUITABLE ANNOUNCES $304 MILLION OFFERING

 NEW YORK, Nov. 29 /PRNewswire/ -- The Equitable Companies Incorporated (NYSE: EQ) announced today that it proposes to offer up to $304 million aggregate principal amount of senior notes.
 The net proceeds of the offering will be loaned to a trust established by the company to purchase up to $300 million of the company's preferred stock which will be convertible into the company's common stock after July 22, 1994. The company intends to use these proceeds together with approximately $500 million of cash and other liquid assets on hand from a sale of convertible preferred stock earlier this year to purchase approximately 61 percent of the outstanding common stock of Donaldson, Lufkin & Jenrette, Inc. from The Equitable Life Assurance Society of the United States. The remaining 39 percent will remain with Equitable Life which is a wholly owned subsidiary of the company, The purchase of DLJ common stock is expected to be completed this year and will further strengthen the capital position of Equitable Life.
 Over a period of years the convertible preferred stock held by the trust (or common stock issued on conversion) either will be sold into the market with the proceeds being contributed to employee benefit and compensation programs of subsidiaries of the company or will be distributed directly to such programs in satisfaction of funding obligations of the company's subsidiaries to those programs with equivalent payments being made by such subsidiaries to the company.
 The notes have not been registered under the act or any state securities laws, and unless so registered, may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the act as amended and applicable state securities laws.
 -0- 11/29/93
 /CONTACT: Nancy M. Amiel, 212-554-4293, or (investors) Greg


Wilcox, 212-554-2595/
 (EQ)


CO: The Equitable Companies Incorporated ST: New York IN: FIN SU: OFR

SH-TW -- NY015 -- 8131 11/29/93 08:43 EST
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Copyright 1993 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Nov 29, 1993
Words:339
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