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NATIONAL GYPSUM COMPANY BOARD OF DIRECTORS AUTHORIZES PARTIAL REDEMPTION OF 10 PERCENT NOTES

 CHARLOTTE, N.C., Dec. 6 /PRNewswire/ -- National Gypsum Company (NASDAQ: NGCO) today announced that its board of directors has authorized the redemption of $50 million principal amount of the Company's Senior Unsecured Notes. The Company has set Jan. 31, 1994 as the redemption date.
 National Gypsum has outstanding $100 million in principal amount of the Senior Unsecured Notes which have a 10 percent annual interest rate, payable semi-annually. The notes, which were issued to certain creditors as part of the Company's plan of reorganization, are redeemable at the option of the Company at any time in whole or in part, at par plus accrued and unpaid interest. National Gypsum Company emerged from Chapter 11 effective July 1, 1993.
 National Gypsum Company is the nation's second largest manufacturer and distributor of gypsum wallboard and related products.
 -0- 12/6/93
 /CONTACT: Allan V. Cecil, VP-Corporate Communication and Investor Relations, of National Gypsum Company, 704-365-7227, Fax 704-365-7391/
 (NGCO)


CO: National Gypsum Company ST: North Carolina IN: CST SU:

JM-CM -- CH002 -- 0641 12/06/93 09:10 EST
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Publication:PR Newswire
Date:Dec 6, 1993
Words:175
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