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FINGERHUT FILES FORM S-3 REGISTRATION STATEMENT FOR PUBLIC OFFERING OF UP TO 8,506,081 SHARES OF COMMON STOCK BY PRIMERICA CORPORATION

 MINNEAPOLIS, Nov. 24 ~PRNewswire~ -- Fingerhut Companies, Inc. (NYSE: FHT) announced that it has filed a Form S-3 Registration Statement with the Securities and Exchange Commission for a proposed public offering of up to 8,506,081 shares of Fingerhut common stock, which includes an over-allotment option of 750,000 shares, all of which are owned by an indirect subsidiary of Primerica Corporation. In addition, subject to the completion of the public stock offering of at least 7,756,081 shares by no later than Jan. 20, 1993 at a price to the public of at least $28.50 per share, Fingerhut and Primerica have agreed to a transaction in which Fingerhut will repurchase 1.5 million shares of Fingerhut common stock currently owned by Primerica at a price of $30.00 per share or an aggregate amount of $45 million.
 Primerica has stated that its present intention is that the offering will be made only at a price to the public of at least $28.50 per share. The 1.5 million share repurchase by Fingerhut is subject to various other conditions, including Fingerhut's receipt of financing and the consent of certain Fingerhut lenders. Assuming these conditions are met and the over-allotment option is fully exercised, Primerica will sell all of the 10,006,081 Fingerhut shares it currently holds and the total shares outstanding of Fingerhut common stock will be reduced to 22,417,700 representing a reduction of 6.3 percent.
 The offering will be made only be means of a prospectus.
 Underwriters for the offering are Smith Barney; Harris Upham & Co., Incorporated; Lazard Freres & Co.; Merrill Lynch & Co.; Montgomery Securities; and Morgan Stanley & Co., Incorporated.
 Primerica Corporation is a diversified financial services company engaged in investment banking and securities brokerage, mutual funds and asset management, consumer lending, and life, credit, accident & health, and property & casualty insurance.
 Fingerhut Companies, Inc., one of the nation's largest catalog marketing companies, sells brand name and private label merchandise primarily through direct mail to an active customer base of 13 million customers. The company employs approximately 8,000 people in Minnesota, Wisconsin and Tennessee. Fingerhut Companies, Inc. common stock trades on the New York Stock Exchange under the symbol FHT.
 A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 -0- 11~24~92
 ~CONTACT: Ted Deikel of Fingerhut, 612-936-5410~
 (FHT)


CO: Fingerhut Companies, Inc. ST: Minnesota IN: REA SU: OFR

AL -- MN014 -- 1221 11~24~92 16:09 EST
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Publication:PR Newswire
Date:Nov 24, 1992
Words:494
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