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HORN & HARDART REFINANCES DEBT DUE IN 1994

 WEEHAWKEN, N.J., Aug. 18 /PRNewswire/ -- The Horn & Hardart Company (AMEX: HOR) and certain of its subsidiaries announced today that they have completed a direct placement of $20 million of the company's 9.25 percent Senior Subordinated Notes due Aug. 1, 1998 with the Sun Life Insurance Company of America. The proceeds from the placement will be used to pay, in full, the company's $12,356,000 of 8 percent Senior Subordinated Notes of the Hanover Companies due Oct. 1, 1994 to retire the outstanding balance of the company's 14 percent Subordinated Debentures aggregating $825,000 and for general corporate purposes.
 Hanover Direct, which is the company's sole operating subsidiary, is the sixth largest direct retailing company in the U.S. Its catalogs include Domestications, the largest home furnishings catalog in the country; Colonial Garden Kitchens, serving 1.2 million customers with work-saving and lifestyle-enhancing items for the kitchen; International Male, which targets fashion-conscious young men with private-label goods; Gump's, one of the best-known names in specialty retailing, and Hanover House, a leading source for housewares and novelty items.
 Hanover Direct is headquartered in Weehawken, N.J.
 -0- 8/18/93
 /CONTACT: Michael P. Sherman, executive vice president, 201-319-3403, or Wayne P. Garten, executive vice president, 201-319-3452, both of Horn & Hardart Company, or Gregory W. Miller of Robinson Lake/Sawyer Miller, 212-484-7404/
 (HOR)


CO: Horn & Hardart Company ST: New Jersey IN: REA SU: FNC

MP-TM -- NY088 -- 4107 08/18/93 17:55 EDT
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Publication:PR Newswire
Date:Aug 18, 1993
Words:243
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