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INTEGON CORPORATION REGISTERS NOTES OFFERING

 INTEGON CORPORATION REGISTERS NOTES OFFERING
 WINSTON-SALEM, N.C., July 15 /PRNewswire/ -- Integon Corporation


(NYSE: IN) filed a registration statement with the Securities and Exchange Commission today for the sale of $75 million of Senior Notes due 1999. Proceeds of the offering will be used to retire all current outstanding debt and preferred stock and to provide the company with additional working capital.
 The Company will retire its $40 million principal amount 15 percent Subordinated Note due Jan. 1, 2000, its $15.3 million principal amount 10 percent note held by an affiliate of the Company and the Company's Series A and Series B Cumulative Preferred Stocks.
 The remainder of the proceeds of the offering will provide the Company with additional working capital.
 "This offering will allow the Company to benefit from the lower interest rate environment," said Integon President James T. Lambie.
 The offering is being underwritten by Smith Barney, Harris Upham & Company, Incorporated and Donaldson, Lufkin & Jenrette Securities Corporation.
 Integon Corporation, through its wholly-owned property and casualty insurance subsidiaries, specializes in the underwriting and marketing of nonstandard automobile insurance to individuals. The Company, headquartered in Wisnton-Salem, N.C., markets its products through over 2,500 independent agencies located in North Carolina, Virginia, Tennessee and Georgia.
 -0- 7/16/92
 /CONTACT: Turner Coley of Turner Coley Associates, 919-760-3000, for Integon Corporation/
 (IN) CO: Integon Corporation ST: North Carolina IN: INS SU: OFR


CM -- CH009 -- 9664 07/15/92 15:25 EDT
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Publication:PR Newswire
Date:Jul 15, 1992
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