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FIRST COLONY ANNOUNCES COMPLETION OF OFFERING

 LYNCHBURG, Va., July 28 /PRNewswire/ -- First Colony Corporation (NYSE: FCL) announced today that it has completed the offering of $175 million of 6-5/8 percent Senior Notes due Aug. 1, 2003 (offered at 99.89 percent), and $80 million of Variable Term Preferred Stock. The Preferred Stock is being issued in two series of $40 million each. One series has an initial term ending on Oct. 1, 1993, and an initial dividend rate of 2.60 percent. The other series has an initial term ending Oct. 15, 1993, and an initial dividend rate of 2.60 percent.
 The company intends to use the net proceeds from the sale of the Senior Notes and the Preferred Stock to repay its $250 million bank debt.
 The underwriters for the offering of Senior Notes were The First Boston Corporation, Morgan Stanley & Co. Incorporated, Craigie Incorporated and Wheat First Butcher & Singer Capital Markets. The Underwriters for the offering of Preferred Stock were The First Boston Corporation, Morgan Stanley & Co. Incorporated and Oppenheimer & Co., Inc.
 First Colony Corporation, through its subsidiaries, First Colony Life Insurance Company and American Mayflower Life Insurance Company of New York, sells individual life insurance and annuity products throughout the United States, including a portfolio of annual premium and single premium life insurance, single premium immediate annuities and single premium deferred annuities. First Colony Life was founded in 1955.
 -0- 7/28/93
 /CONTACT: Frank G. Land of First Colony Corporation, 804-948-5293/
 (FCL)


CO: First Colony Corporation ST: Virginia IN: INS SU: OFR

DC-TW -- DC031 -- 6995 07/28/93 17:59 EDT
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Publication:PR Newswire
Date:Jul 28, 1993
Words:261
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