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KAUFMAN AND BROAD COMMENCES OFFERING OF $1.52 DEPOSITARY SHARES PRICED AT $17.375

 LOS ANGELES, March 25 /PRNewswire/ -- Kaufman and Broad Home Corp. (NYSE: KBH, KBS) today announced it has commenced an offering of 6,000,000 of its $1.52 Depositary Shares, each representing one- fifth of a share of series B mandatory conversion premium dividend preferred stock, at $17.375 per depositary share, through underwriters led by Merrill Lynch & Co.
 Kaufman and Broad will receive estimated net proceeds of approximately $100.8 million for the 6,000,000 depositary shares.
 On April 1, 1996, each depositary share will automatically convert into one share of the company's common stock, subject to adjustment in certain events.
 Prior to April 1, 1996, the company may call the outstanding depositary shares for redemption, in whole or in part, at a call price per depositary share initially equal to $27.12, declining by $.003389 on each day following the date of issue to $23.66, on Feb. 1, 1996, and equal to $23.46 thereafter. The call price will be payable in shares of Kaufman and Broad common stock, having an aggregate value at the then-current market price, as defined in the prospectus, equal to the applicable call price.
 The net proceeds from the sale of the depositary shares are expected to be used for general corporate purposes. The company may use proceeds to repurchase stock.
 Kaufman and Broad Home Corp. is California's largest home builder and among the largest builders in metropolitan Paris, where the company develops office properties and a variety of residential investment properties in addition to single-family homes.
 -0- 3/25/93
 /CONTACT: Eileen Rose of Kaufman & Broad, 310-443-8039/
 (KBH KBS)


CO: Kaufman & Broad Home Corp. ST: California IN: CST SU: OFR

EH-BP -- LA012 -- 9559 03/25/93 11:36 EST
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Publication:PR Newswire
Date:Mar 25, 1993
Words:289
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