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ITT FINANCIAL LAUNCHES TENDER FOR OUTSTANDING DEBENTURES AND NOTES

 NEW YORK, July 26 /PRNewswire/ -- ITT Corporation (NYSE: ITT) announced today that its ITT Financial Corporation subsidiary has launched an invitation to holders of 18 series of its notes and debentures to submit offers to sell for cash their securities at purchase prices designated by the security holders.
 The purpose of the transaction is to reduce the company's fixed rate debt after the recent sale of the company's domestic unsecured consumer loan portfolio on June 3, 1993. When this transaction is completed the company will have a better balance between fixed rate debt and variable rate debt.
 ITT Financial has extended the invitation to participate in the "single price auction" tender offer to holders of debentures and notes aggregating a total principal amount of approximately $2.7 billion. The aggregate principal amount of all offers that may be accepted by ITT Financial will not exceed 45 percent of the total principal amount of securities covered by the invitation. All securities of the same series that may be purchased by ITT Financial will be purchased at the same price. The dealer manager for the invitation is Goldman, Sachs & Co. The information agent is Georgeson & Company, Inc. and BankAmerica National Trust Company will serve as depositary.
 The invitation and withdrawal rights will expire at midnight eastern time on Friday, Aug. 20, 1993, unless extended or the invitation is earlier terminated by ITT Financial at its sole discretion. For copies of the invitation or more information, contact Georgeson & Company, Inc. at 800-223-2064.
 -0- 7/26/93
 /CONTACT: Jim Gallagher of ITT, 212-258-1261/
 (ITT)


CO: ITT Financial Corporation ST: New York IN: FIN SU: OFR

SM-WB -- NY013 -- 5559 07/26/93 09:26 EDT
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Publication:PR Newswire
Date:Jul 26, 1993
Words:280
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