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MAGNA ANNOUNCES PUBLIC OFFERING OF 4 MILLION SHARES OF COMMON STOCK AT $13.50 PER SHARE

 MAGNA ANNOUNCES PUBLIC OFFERING OF 4 MILLION SHARES
 OF COMMON STOCK AT $13.50 PER SHARE
 ST. LOUIS, Aug. 4 /PRNewswire/ -- Magna Group, Inc. (NASDAQ-NMS: MAGI), a St. Louis-based multibank holding company, announced the primary public offering of 4 million shares of common stock at an offering price of $13.50 per share. Magna has also granted the underwriters an option to purchase up to 600,000 additional shares to cover over-allotments, if any.
 Of the net proceeds of approximately $52 million from the offering, approximately $41 million will be used by Magna to repay the outstanding balance of its term loan. Remaining net proceeds will be used for general corporate purposes.
 Magna Group, Inc., a $3.7 billion multibank holding company, operates 87 community banking locations in Illinois and Missouri and is the third-largest bank holding company based in St. Louis. Within the St. Louis metropolitan area, Magna has 62 offices with approximately $2.8 billion in assets. Magna also operates 11 banking locations in Southern Missouri and Kansas City, Missouri which are reported as net assets held for sale.
 Donaldson, Lufkin & Jenrette Securities Corporation will manage the underwriting syndicate. Copies of the prospectus may be obtained from the Syndicate Department of Donaldson, Lufkin & Jenrette Securities Corporation, 140 Broadway, New York, N.Y. 10005, 212-504-3000; and from the Investor Relations Department of Magna Group, Inc. 1401 South Brentwood Boulevard, St. Louis, Mo. 63144, 314-963-2500.
 -0- 8/4/92
 /CONTACT: George Klann, 314-963-3010, or Mary E. Scholz, 314-963-2545, both of Magna Group/
 (MAGI) CO: Magna Group, Inc. ST: Missouri IN: FIN SU: OFR


AH -- NY073 -- 6867 08/04/92 18:08 EDT
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Publication:PR Newswire
Date:Aug 4, 1992
Words:272
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