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KAMAN ANNOUNCES EXCHANGE OFFER FOR SUBORDINATED DEBENTURES

 BLOOMFIELD, Conn., Sept. 15 /PRNewswire/ -- Kaman Corp. (NASDAQ: KAMNA) announced today that it is offering to exchange shares of a newly created series 2 preferred stock for up to $60 million of its 6 percent convertible subordinated debentures due 2012. The purpose of the offer is to strengthen the company's equity base for defense conversion initiatives and growth opportunities in future periods.
 Under the terms of the exchange offer, each $1,000 in principal amount of debentures would be exchanged for 18-1/2 depositary shares with a cumulative dividend of 6-1/2 percent on a $50 liquidation preference and convertible into 3.98 shares of the class A common stock of the corporation at the initial rate of $12.56 per class A share. Each depositary share represents a one-quarter interest in a share of the series 2 preferred stock.
 The exchange offer will expire on Oct. 13, 1993 at midnight New York City time. If the offering is oversubscribed, the company intends to accept debentures on a pro rata basis. The offer is subject to the terms and conditions described in an offering circular which is being distributed to debentureholders. The exchange agent is Chemical Bank; the information agent is Morrow & Co.
 Kaman Corp., headquartered in Bloomfield, is a highly diversified company with business activities in industrial (42 percent), defense (34 percent) and commercial markets (24 percent).
 -0- 9/15/93
 /CONTACT: J. Kenneth Nasshan of Kaman Corp., 203-243-7319
 (KAMNA)


CO: Kaman Corporation ST: Connecticut IN: CST SU: OFR

SH-OS -- NY079 -- 2388 09/15/93 16:05 EDT
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Publication:PR Newswire
Date:Sep 15, 1993
Words:259
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