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HILLSIDE BEDDING ANNOUNCES INITIAL PUBLIC OFFERING OF 310,000 UNITS

 BRONX, N.Y., Feb. 12 /PRNewswire/ -- Hillside Bedding, Inc. (NASDAQ: BEDS) announced today that its initial public offering of 310,000 units at $17.20 per unit has become effective. Each unit consists of one share of common stock, one share of preferred stock and two warrants.
 One of the warrants is exercisable to purchase one share of common stock at a price of $8.40 from Feb. 12, 1993 through Feb. 11, 1998. The other warrant, which is attached to the preferred share, will be exercisable commencing Feb. 12, 1994 through Feb. 11, 1998 to purchase one share of common stock at $8.40 per share. All of the units are being offered by the company which has granted the underwriter, Elliot, Allen & Co., the option to purchase up to an additional 46,500 units to cover over-allotments.
 The preferred shares will pay dividends as follows: for the first year, the dividend will be one preferred share for each 10 shares held; subsequent dividends will be in cash at the rate of $1.00 per share per annum. Commencing Feb. 12, 1994, each preferred share may be convertible, under certain conditions, into one share of the company's common stock.
 The units, the common stock, the exercisable warrants and preferred shares with warrants have been authorized for quotation on NASDAQ and will trade separately under the following symbols: units - BEDSU, common stock - BEDS, preferred stock with warrants - BEDSL, and warrants - BEDSW. The preferred stock and its attached warrants will trade separately commencing Feb. 12, 1994.
 The net proceeds of the offering will be used to fund the company's expansion plans, to refinance debt, for payment of certain obligations and to provide additional working capital.
 Hillside Bedding, Inc. owns and operates 20 retail bedding stores and franchises 20 stores in the New York metropolitan area and at closing will acquire 10 of the current 20 franchise stores.
 -0- 2/12/93
 /CONTACT: Robert Martire, president, or Morton Swirsky, CFO, both of Hillside Bedding, 718-597-3300/
 (BEDS)


CO: Hillside Bedding, Inc. ST: New York IN: REA SU: OFR

WB-SH -- NY012 -- 6078 02/12/93 10:16 EST
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Publication:PR Newswire
Date:Feb 12, 1993
Words:354
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