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KAISER ALUMINUM & CHEMICAL CORPORATION AMENDS TENDER OFFER AND EXTENDS EXPIRATION DATE

 HOUSTON, Dec. 30 /PRNewswire/ -- Kaiser Aluminum & Chemical Corp. (KACC), the operating subsidiary of Kaiser Aluminum Corp. (KAC) (NYSE: KLU), announced today that it has amended the terms of the tender offer for its outstanding 14-1/4 percent Senior Subordinated Notes Due 1995 and the related consent solicitation. The company has also extended to Jan. 14, 1993, from Dec. 31, 1992, the expiration date of the offer and solicitation.
 Under the terms of the amended offer and solicitation, KACC is offering to purchase for cash all of its outstanding 14-1/4 percent notes for an aggregate purchase price of 108.21 percent of their principal amount, plus interest accrued to, but not including, the date on which such notes are accepted for payment.
 Holders who tender their 14-1/4 percent notes will now automatically be deemed to have consented to certain proposed amendments to the 14-1/4 percent Note Indenture and will no longer be entitled to receive a separate consent payment.
 In addition, under the terms of the amended offer and solicitation, KACC will execute the supplemental indenture amending the 14-1/4 percent Note Indenture on the expiration date (and not prior to such date), assuming the receipt by such date of tenders representing at least 66-2/3 percent in principal amount of the outstanding 14-1/4 percent notes. As a result, KACC will not extend the expiration date of the offer and solicitation beyond the date on which the supplemental indenture is executed.
 Holders who have already tendered their 14-1/4 percent notes and delivered to the depositary the appropriate tender documents and who do not wish to withdraw any 14-1/4 percent notes so tendered do not have to take any further action with respect to their 14-1/4 percent notes to participate in the amended offer and solicitation.
 KACC's obligation to complete the tender and solicitation continues to be dependent upon certain conditions, including consummation of the pending offering of $400 million of KACC 10-year Senior Subordinated Notes.
 The dealer managers for the tender offer and solicitation are Merrill Lynch & Co., The First Boston Corp., and PaineWebber Inc.
 KACC is one of the world's leading producers of alumina, primary aluminum, and fabricated aluminum products. It is a subsidiary of KAC. MAXXAM Inc. (AMEX: MXM) owns 87.3 percent of the common stock of KAC.
 -0- 12/30/92
 /CONTACT: Scott Lamb of Kaiser Aluminum, 713-267-3826/
 (KLU MXM)


CO: Kaiser Aluminum & Chemical Corp.; Kaiser Aluminum Corp.;
 MAXXAM Inc. ST: California, Texas IN: MNG SU: OFR


TM -- SF004 -- 0636 12/30/92 13:51 EST
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Publication:PR Newswire
Date:Dec 30, 1992
Words:426
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