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ILLINOIS CENTRAL CORP. FILES STOCK REGISTRATION ON BEHALF OF SHEARSON PARTNERSHIPS

 ILLINOIS CENTRAL CORP. FILES STOCK REGISTRATION
 ON BEHALF OF SHEARSON PARTNERSHIPS
 CHICAGO, May 1 /PRNewswire/ -- Illinois Central Corp. (NYSE:IC) today announced that it has filed a registration statement on Form S-1 with the Securities and Exchange Commission for an offering of 9,959,886 shares of common stock (representing 23.5 percent of the company's common stock) held by certain merchant banking partnerships affiliated with Shearson Lehman Brothers Holdings Inc.
 The shares covered by the registration statement constitute the partnerships' entire holdings in the company. Neither the company nor any of its officers or directors are selling any shares in the offering.
 Lehman Brothers, a division of Shearson Lehman Brothers Inc., The First Boston Corporation, Salomon Brothers Inc. and Wertheim Schroder & Co. Incorporated will manage the offering. Copies of the prospectus relating to the offering may be obtained from Lehman Brothers, American Express Tower, World Financial Center, New York, N.Y., 10285; Attention: Prospectus Department.
 The company through its wholly owned subsidiary, Illinois Central Railroad, traces its origin to 1851 when the railroad was incorporated as the nation's first land grant railroad. The railroad currently operates 2,700 miles of main line track between Chicago and the Gulf of Mexico, primarily carrying chemicals, coal and paper north, with coal, grain and milled grain products moving south along its lines.
 The registration statement covering these securities has been filed with the SEC, but has not become effective. These securities may not be sold nor may offers to buy be accepted prior to the time that the registration statement becomes effective. This press release shall not constitute an offer to sell nor the solicitation of an offer to buy, nor shall there by any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 -0- 5/1/92
 /CONTACT: Dale W. Phillips, vice president and CFO of Illinois Central, 312-819-7930/
 (IC) CO: Illinois Central Corp. ST: Illinois IN: TRN SU:


AH -- NY065 -- 5620 05/01/92 16:38 EDT
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Publication:PR Newswire
Date:May 1, 1992
Words:348
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