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EXIDE ELECTRONICS ISSUES $15.0 MILLION OF CONVERTIBLE SUBORDINATED NOTES

EXIDE ELECTRONICS ISSUES $15.0 MILLION OF CONVERTIBLE SUBORDINATED NOTES
 RALEIGH, N.C., Sept. 3 /PRNewswire/ -- Exide Electronics Group, Inc. (NASDAQ: XUPS) announced today that it had completed a $15.0 million convertible subordinated note issuance to Massachusetts Mutual Life Insurance Company for its account and for the accounts of MassMutual Corporate Investors (NYSE: MCI), and MassMutual Participation Investors (NYSE: MPV), two closed-end bond funds listed on the New York Stock exchange that it manages. Proceeds from the issuance will be used to repay existing bank indebtedness.
 The notes have an interest rate of 8.375 percent and are due in the year 2000. The notes are convertible into common stock of the Company at an initial conversion price of $13.08, subject to certain antidilution adjustments. Principal payments of $3.0 million are required on each June 30 and December 31, commencing June 30, 1998. In addition, the Company has the right to prepay the notes under certain circumstances and Massachusetts Mutual is entitled to certain registration rights.
 Massachusetts Mutual Life Insurance Company is the twelfth largest insurance company in the United States with total assets in excess of $29 billion. Craigie Incorporated of Richmond, Va., acted as placement agent in the transaction.
 Exide Electronics is the largest company in the world dedicated exclusively to developing and manufacturing a full line of power protection systems. Headquartered in Raleigh, N.C., Exide Electronics responds to the power protection needs of a broad range of businesses and institutions worldwide, including many Fortune 1000 companies. Exide Electronics' products are used for financial, medical, industrial, telecommunications, military and aerospace applications -- wherever continuous power is essential to daily operations.
 -0- 9/3/92
 /CONTACT: (Investor Relations) Marty Kittrell, 919-870-3076, or (Media-Marketing) Karin Cram, 919-870-3239, both of Exide Electronics/
 (XUPS MCI MPV) CO: Exide Electronics Group, Inc. ST: North Carolina IN: CPR SU: OFR


CM -- CH010 -- 6608 09/03/92 16:15 EDT
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Publication:PR Newswire
Date:Sep 3, 1992
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