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FORSTMANN CLOSES INITIAL PUBLIC OFFERING, COMPLETES EXCHANGE OFFER AND NAMES CHRIS SCHALLER CHAIRMAN

 FORSTMANN CLOSES INITIAL PUBLIC OFFERING, COMPLETES EXCHANGE
 OFFER AND NAMES CHRIS SCHALLER CHAIRMAN
 NEW YORK, March 5 /PRNewswire/ -- Forstmann & Company, Inc. (NASDAQ: FSTM) announced that it successfully closed its initial public offering of 2,750,000 shares of common stock at $9.00 per share and an $85 million senior secured revolving credit facility on March 4, 1992.
 The net proceeds from the public offering were used primarily to fund a portion of the exchange of $46,240,100 face amount of the company's subordinated notes (approximately 45 percent of the total face value of subordinated notes outstanding) for $19,596,758 in cash and 2,420,904 unregistered shares of common stock.
 Consummation of the exchange offer will reduce the company's future cash interest and related debt amortization expenses and improve its financial condition and operating flexibility.
 Forstmann simultaneously announced that Christopher L. Schaller, 50, president and chief executive officer, was named chairman of the company.
 Schaller said, "Our enhanced financial position gives management the tools and flexibility it requires to achieve long-term growth in this competitive environment."
 Forstmann is a leading designer, marketer and manufacturer of high quality, fashionable fabrics for use in the production of brand-name womenswear, menswear and outerwear. The company employs approximately three thousand people and has four operating plants in Dublin, Milledgeville and Louisville, Ga. where it makes a wide range of fabrics for apparel, contract furnishings and various industrial markets. Corporate headquarters and marketing offices are in New York.
 -0- 3/5/92
 /CONTACT: Dawn Dover or Roanne Kulakoff of Kekst & Company, 212-593-2655/
 (FSTM) CO: Forstmann & Company, Inc. ST: New York, Georgia IN: TEX SU: OFR


AH -- NY084 -- 5671 03/05/92 17:53 EST
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Publication:PR Newswire
Date:Mar 5, 1992
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