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FLEET MORTGAGE GROUP SELLS $150 MILLION 6 1/2 PERCENT NOTES DUE 1999

FLEET MORTGAGE GROUP SELLS $150 MILLION 6 1/2 PERCENT NOTES DUE 1999
 COLUMBIA, S.C., Sept. 9 /PRNewswire/ -- Fleet mortgage Group (NYSE: FLG) announced today that it has sold $150 million of 6 1/2 percent notes at a price of 99.723 to yield 6.55 percent. The notes will mature on Sept. 15, 1999 and are not redeemable prior to maturity.
 The notes were issued pursuant to a registration statement filed by Fleet Mortgage Group with the Securities and Exchange Commission under Rule 415. The registration statement became effective on Aug. 17, 1992. Following the current offering, $450 million of debt securities will remain in registration. Fleet Mortgage said it intends to use the net proceeds to reduce borrowings under a $250 million term loan from Fleet Financial Group.
 The issue was co-managed by Merrill Lynch Capital Markets, Goldman, Sachs & Co. and J.P. Morgan Securities, Inc.
 Fleet Mortgage Group, the country's second largest producer of single family mortgage loans in 1991, originates mortgage loans through 92 retail branch offices located in 35 states and acquires mortgage loans from other mortgage lenders. The company's portfolio of mortgage loans serviced, which totaled $60.6 billion at the end of June 1992, was the second largest in the industry.
 Fleet Mortgage Group is the mortgage banking subsidiary of Fleet Financial Group, which holds approximately 81 percent of the company's 49,545,000 shares of common stock. The remaining shares were sold in a public offering on Aug. 7, 1992.
 -0- 9/9/92
 /CONTACT: Kevin Race, senior vice president and treasurer, 803-929-7919, or Thomas L. Lavelle, 401-278-3003/
 (FLG) CO: Fleet Mortgage Group ST: South Carolina, Rhode Island IN: FIN SU: OFR


TM -- NE014 -- 7634 09/09/92 15:42 EDT
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Publication:PR Newswire
Date:Sep 9, 1992
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