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GRACE TO REDEEM LIQUID YIELD OPTION NOTES

 BOCA RATON, Fla., June 24 /PRNewswire/ -- W. R. Grace & Co. (NYSE: GRA) today announced that it will redeem in full all of its outstanding Liquid Yield Option(TM) Notes (LYONs) due 2006 (Zero Coupon- Subordinated) on July 30, 1993. The redemption price (which includes original issue discount accrued to July 30, 1993) will be $366.55 in cash for each $1,000 principal amount at maturity of LYONs. LYONs are convertible into common stock of W. R. Grace & Co. until the close of business on July 30, 1993, at the rate of 8.916 shares of common stock for each $1,000 principal amount at maturity of LYONs. Fractional shares will be paid in cash.
 Brian J. Smith, Grace's chief financial officer, said, "Given the reduction in market interest rates since the LYONs issuance, this action is part of our continuous efforts to increase shareholder value through the refinancing of higher cost debt."
 Chemical Bank, 55 Water Street, New York, NY 10041 is the trustee and principal transfer, paying and conversion agent for the LYONs.
 Grace is the world's largest specialty chemicals company with a leadership position in specialized health care.
 -0- 6/24/93
 /CONTACT: Chuck Suits of W. R. Grace & Co., 407-362-2600, or 800-GRACE99/
 (GRA)


CO: W. R. Grace & Co. ST: Florida IN: CHM HEA SU:

JB-SS -- FL011A -- 5532 06/24/93 18:03 EDT
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Publication:PR Newswire
Date:Jun 24, 1993
Words:227
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