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FIRST UNION CORPORATION ANNOUNCES $150 MILLION DEBT OFFERING

 CHARLOTTE, N.C., Feb. 5 /PRNewswire/ -- First Union Corporation (NYSE: FTU FTUpr) today announced a public offering of $150 million in ten-year subordinated debt with a 7.25 percent coupon at a price of 99.691.
 First Union will use the net proceeds from the sale of the debt issue for general corporate purposes.
 The offering is scheduled to close on Feb. 16, 1993. The underwriters for the offering are Goldman, Sachs & Co., The First Boston Corporation, Kidder, Peabody & Co., and Smith Barney, Harris Upham & Co. Incorporated.
 First Union Corporation is the nation's 11th largest bank holding company, based on assets of $51.3 billion as of December 31, 1992. When First Union's pending acquisitions are completed, the company is expected to have assets of approximately $66 billion, making it the nation's eighth largest bank holding company.
 -0- 2/5/93
 /CONTACT: (Investor) T. Sean Fox, 704-374-7060, or (Media) George Owen, 704-383-3842, or (home) 704-358-3116, both of First Union Corporation/
 (FTU)


CO: First Union Corporation ST: North Carolina IN: FIN SU: OFR

MM -- CH002 -- 3480 02/05/93 11:12 EST
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Publication:PR Newswire
Date:Feb 5, 1993
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