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KASH N' KARRY FOOD STORES EXTENDS TENDER OFFER AND MODIFIES PROPOSED DEBT REFINANCING

 TAMPA, Fla., Aug. 17 /PRNewswire/ -- Kash n' Karry Food Stores, Inc. announced today that it has extended the expiration date of the tender offer for its outstanding 14 percent subordinated debentures due 2001 to midnight New York City time on Aug. 18, 1993, from Aug. 16, 1993.
 The company also announced that it had modified its proposed debt refinancing to include the issuance of $110 million principal amount of senior subordinated pay-in-kind notes due 2003 and units consisting in the aggregate of $40 million principal amount of subordinated pay-in-kind notes due 2005 and warrants to purchase 536,000 shares of common stock.
 As previously announced, under the terms of the tender offer, Kash n' Karry in offering to purchase the 14 percent debentures at a price equal to 109.25 percent of the principal amount of each tendered debenture plus accrued interest.
 As of Aug. 16, 1993, approximately $87,479,000 principal amount of 14 percent debentures and accompanying consents had been tendered.
 The dealer managers for the tender offer and the consent solicitation are Salomon Brothers Inc and Merrill Lynch & Co. Salomon Brothers and Merrill Lynch are also the underwriters for the pay-in-kind notes and warrants. Information concerning the tender offer and the consent solicitation can be obtained by calling the information agent, D.F. King & Co., Inc. toll free at 1-800-669-5550.
 Kash n' Karry has filed a registration statement with the Securities and Exchange Commission relating to the pay-in-kind notes and warrants, but the registration statement has not yet become effective. The pay- in-kind notes and warrants 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.
 Kash n' Karry is the third largest food retailer in west central Florida.
 -0- 8/17/93
 /CONTACT: Raymond P. Springer of Kash n' Karry Food Stores, Inc., 813-621-0200, or John L. Bibas of D.F. King & Co., Inc., 212-269-5550/


CO: Kash n' Karry Food Stores, Inc. ST: Florida IN: REA SU: OFR

TS-SM -- NY019 -- 3440 08/17/93 09:41 EDT
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Publication:PR Newswire
Date:Aug 17, 1993
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