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ESCO ELECTRONICS CORPORATION ANNOUNCES ODD-LOT SHARE REPURCHASE PROGRAM AND AMENDED BANK AGREEMENT

 ESCO ELECTRONICS CORPORATION ANNOUNCES ODD-LOT
 SHARE REPURCHASE PROGRAM AND AMENDED BANK AGREEMENT
 ST. LOUIS, June 12 /PRNewswire/ -- ESCO Electronics Corporation (NYSE: ESE) announced today that it is offering to purchase shares of its common stock trust receipts from shareholders who owned fewer than 100 shares as of June 9, 1992.
 Shareholders whose tenders are accepted will be paid a per share price equal to the average of the New York Stock Exchange Composite Transactions closing prices for the shares from June 15, 1992 through July 31, 1992, as reported in The Wall Street Journal. The program will expire on July 31, 1992, unless extended by the company.
 The offer is limited to the purchase of that number of shares whose purchase price in the aggregate does not exceed $3 million. If the offer is over-subscribed, the company will accept tenders on a first come-first served basis.
 The company is making the odd-lot offer primarily to provide its smaller shareholders the opportunity to conveniently sell their shares without incurring any brokerage commissions or other transaction costs. The offer will also enable the company to reduce its administrative costs associated with servicing small shareholder accounts.
 The company also announced that it had concluded renegotiation of its credit agreement with its banks. The amended credit agreement, effective June 12, 1992, provides a $100 million revolver with no term loan. The amended agreement also accommodates the odd-lot share repurchase offer. Under the original agreement, the company had a $75 million revolver and a $20 million term loan, which is being repaid in full.
 ESCO Electronics Corporation, headquartered in St. Louis, is principally a manufacturer of defense systems and products.
 -0- 6/12/92
 /CONTACT: Timothy J. Beecher or James R. Orso of ESCO Electronics 314-982-1700/
 (ESE) CO: ESCO Electronics Corporation ST: Missouri IN: ARO SU:


LR -- NY081 -- 9882 06/12/92 17:45 EDT
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Publication:PR Newswire
Date:Jun 12, 1992
Words:310
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