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MERRY LAND COMPLETES $100 MILLION OFFERING

 AUGUSTA, Ga., June 23 /PRNewswire/ -- Peter S. Knox III, chairman of the board of Merry Land & Investment Company, Inc. (NYSE: MRY), announced today that the company successfully completed its $100 million offering of Series A Cumulative Convertible Preferred Stock.
 The offering price to the public was $25.00 per share and the number of shares offered was increased from 3.5 million shares to 4 million shares. Dividends on the Series A Preferred Stock will be cumulative and payable quarterly in arrears in the annual amount of $1.75 per share. Trading in the Series A Preferred Stock began today on the New York Stock Exchange at 9:45 a.m. under the symbol MRYPr. The offering was underwritten by Alex. Brown & Sons Incorporated, Kidder Peabody & Co. Incorporated and Interstate/Johnson Lane Corporation. The company intends to use the net proceeds of the offering to repay short-term, unsecured bank debt and to acquire additional apartment properties.
 On June 22, the company's shareholders approved two amendments to the articles of incorporation of the company. One amendment increased the company's authorized common stock from 30 million shares to 50 million shares, and the other amendment authorized a new class of 20 million shares of preferred stock.
 Knox also announced that the company had received payment in full on the two notes due from Bankers First Corporation totaling $8 million principal amount, plus accrued interest through June 30, 1993, and a negotiated pre-payment penalty.
 Merry Land is a real estate investment trust headquartered in Augusta which specializes in the acquisition and operation of apartment communities in the south Atlantic region of the United States.
 -0- 6/23/93
 /CONTACT: Tennent Houston, president of Merry Land, 706-722-6756/
 (MRY)


CO: Merry Land & Investment Company, Inc. ST: Georgia IN: SU: OFR

BN-RA -- AT008 -- 5148 06/23/93 16:30 EDT
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Publication:PR Newswire
Date:Jun 23, 1993
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