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GTE'S STOCK OFFERING IS OVERSUBSCRIBED; GENERATES OVER $1 BILLION

 GTE'S STOCK OFFERING IS OVERSUBSCRIBED; GENERATES OVER $1 BILLION
 STAMFORD, Conn., Sept. 23 /PRNewswire/ -- GTE Corp. (NYSE: GTE) today announced that its common stock offering has been completed and that the underwriters exercised their option to increase the offering by 3 million shares to a total of 33 million common shares. At $32-7/8 per share, the public offering had a total value of $1.08 billion.
 GTE priced the offering and commenced the sale on Sept. 16. "The substantial oversubscription to more than $1 billion of our securities is a strong vote of confidence in GTE by the investment community," said Charles R. Lee, GTE chairman and chief executive officer.
 "Following our merger with Contel, the acquisition of operating control of the Venezuelan telephone company and the recently announced sale of our lighting business in order to maintain our focus on the high-growth telecommunications industry, this stock sale will enable us to pay down debt and further strengthen our financial position as well as improve our financial flexibility," Lee said.
 PaineWebber Inc., Goldman, Sachs & Co. and Merrill Lynch & Co. were the managing underwriters for the U.S. offering, and affiliates of those firms and Salomon Brothers International Ltd. managed the international portion.
 GTE is the fourth-largest publicly owned telecommunications company in the world. With approximately $20 billion in revenues in 1991, the corporation is the largest U.S.-based local-telephone company and the second-largest cellular-service provider in the United States.
 -0- 9/23/92
 /CONTACT: In Washington D.C., Julia Spicer, 202-463-5206, after 6 p.m., 202-797-0715, or Harvey W. Greisman, 203-965-2903, after 6 p.m., 203-226-7661, both from GTE/
 (GTE) CO: GTE Corp. ST: Connecticut IN: TLS SU: OFR


LD -- NY081 -- 2818 09/23/92 16:52 EDT
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Publication:PR Newswire
Date:Sep 23, 1992
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