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GROW GROUP TO REDEEM 8-1/2 PERCENT CONVERTIBLE DEBENTURES

 NEW YORK, May 24 /PRNewswire/ -- The board of directors of Grow Group, Inc. (NYSE: GRO) announced today that Grow is calling for redemption (at 102.55 percent of par plus accrued interest, which equals $1,060 per $1,000 debenture) all the outstanding $26,006,000, 8-1/2 percent convertible subordinated debentures due Feb. 1, 2006 (the debentures). The debentures are convertible into common stock of the company at any time prior to the redemption date. The conversion price is $12.61 per common share or 79.3 shares per $1,000.
 As long as the market price of the common stock is more than approximately $13.36, holders, upon conversion, will receive common stock (and cash in lieu of fractional shares) having a greater market value than the cash they would receive upon redemption. The transaction will result in reducing Grow's long-term debt to a negligible percentage of the company's total capitalization.
 The paying agent for the redemption will be The Bank of New York. The redemption will be effective after the close of trading on the New York Stock Exchange on June 25, 1993.
 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- 5/24/93
 /CONTACT: Jennifer R. Wall of D.F. King & Co., Inc., 212-269-5550,


for Grow Group/
 (GRO)


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

TS-SH -- NY018 -- 1556 05/24/93 09:14 EDT
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Publication:PR Newswire
Date:May 24, 1993
Words:251
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