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GROW GROUP ANNOUNCES REDEMPTION OF BALANCE OF 12.5 PERCENT NOTES INTEREST EXPENSE DECREASES BY $5.3 MILLION ANNUALLY

 NEW YORK, Nov. 19 ~PRNewswire~ -- Grow Group, Inc. (NYSE: GRO) announced today that it has called for redemption on Feb. 1, 1993 (at 100 percent of par plus accrued interest), the balance of its 12.5 percent senior subordinated notes due in 1994 (NYSE: GRO-94), in the principal amount of $22,736,000. In connection with the redemption, the company will record an extraordinary charge of approximately $100,000 (after tax) representing the write-off of the balance of deferred costs and discount. As a result of the October 1992 and February 1993 redemptions of the senior subordinated notes, the company's interest expense will be reduced by $5.3 million annually and the debt-to-equity ratio will be reduced from 57 percent at June 30, 1992 to 24 percent.
 Russell Banks, president of Grow, commented, "With the improvement in earnings from our restructuring and our balance sheet further strengthened with the completion of the redemption of the 12.5 percent senior subordinated notes, we are well positioned to pursue our long- term growth strategy."
 Grow Group is a leading producer of specialty chemical coatings and paints and household products. Grow operations include manufacturing facilities, sales offices and licensees throughout the world.
 -0- 11~19~92
 ~CONTACT: Jennifer R. Wall or Peter C. Harkins of D. F. King & Co., Inc., 212-269-5550, for Grow Group, Inc.~
 (GRO)


CO: Grow Group, Inc. ST: New York IN: CHM SU:

AH-OS -- NY015 -- 2721 11~19~92 09:24 EST
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Publication:PR Newswire
Date:Nov 19, 1992
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