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KAISER ALUMINUM & CHEMICAL FILES REGISTRATION STATEMENT FOR OFFERING OF $400 MILLION OF SENIOR SUBORDINATED NOTES

 KAISER ALUMINUM & CHEMICAL FILES REGISTRATION STATEMENT
 FOR OFFERING OF $400 MILLION OF SENIOR SUBORDINATED NOTES
 HOUSTON, Sept. 4 /PRNewswire/ -- Kaiser Aluminum & Chemical Corp. (KACC) announced today that it has filed a registration statement with the Securities and Exchange Commission for the sale of $400 million aggregate principal amount of senior subordinated notes due 2002. The registration statement replaces an earlier registration statement filed by Kaiser Aluminum Corp. (KAC) (NYSE: KLU), KACC's parent, under which KAC had registered for sale $75 million aggregate principal amount of convertible subordinated notes due 2002.
 The new registration statement contemplates a tender offer by KACC to purchase all of its outstanding 14 1/4 percent senior subordinated notes due 1995, which may otherwise be called for redemption on Dec. 15, 1992, and a concurrent consent solicitation to amend the indenture under which the 14 1/4 percent notes were issued. The tender offer would be conditioned upon, among other things, consummation of the offering of the new KACC notes. There can be no assurance that KACC will commence the tender offer or as to the terms of the tender offer. KACC is engaged in discussions with the agent bank regarding an amendment of its credit agreement, including obtaining the required consents from its lenders to consummate the tender offer and the offering of the new KACC notes. KACC cannot give any assurance that it will reach agreement with its lenders.
 KACC intends to use the net proceeds of the offering to consummate the tender offer and to retire any 14 1/4 percent notes that remain outstanding after consummation of the tender offer. The balance of the proceeds would be used for general corporate purposes.
 The underwriters for the proposed offering of the new KACC notes are Merrill Lynch & Co., The First Boston Corporation, and PaineWebber Inc. It is expected that the same firms will act as dealer managers for the tender offer, if commenced.
 A registration statement relating to the new KACC notes has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be 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.
 KACC is one of the world's leading producers of alumina, primary aluminum, and fabricated aluminum products. It is a subsidiary of KAC (NYSE: KLU). MAXXAM Inc. (AMEX: MXM) owns 87.3 percent of the common stock of KAC.
 -0- 9/4/92
 /Robert W. Irelan of Kaiser Aluminum, 713-267-3722/
 (KLU MXM) CO: Kaiser Aluminum ST: California, Texas IN: MNG SU:


RM -- SF003 -- 7052 09/04/92 16:06 EDT
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Publication:PR Newswire
Date:Sep 4, 1992
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