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NATIONAL GYPSUM COMPANY COMMON STOCK AND WARRANTS BEGIN TRADING ON NASDAQ

 CHARLOTTE, N.C., Aug. 16 /PRNewswire/ -- National Gypsum Company's (NASDAQ-NMS: NGCO) common stock and warrants began trading today, Aug. 16, 1993, on the NASDAQ National Market on a when-issued basis, it was announced by Peter C. Browning, chairman and chief executive officer.
 National Gypsum, whose trading symbol is NGCO, is a fully integrated manufacturer and supplier of products and services used worldwide in building and construction, with primary emphasis on Gold Bond brand gypsum wallboard and related products.
 National Gypsum, which emerged from Chapter 11 effective July 1, 1993, is in the process of distributing 20 million shares of common stock to creditors. The stock was estimated by the Court to have a book value of approximately $250 million or $12.50 per share. In addition, the company is issuing warrants for approximately 2.234 million shares of common stock at an exercise price of $14.50 per share. The new company is also issuing $100 million principal amount of senior notes, with interest payable at 10 percent per annum for a term of 10 years. Although a market is also anticipated for the senior notes, the debt will not be traded on NASDAQ.
 The company anticipates that it will be several weeks before its common stock and warrants begin trading on NASDAQ on a regular basis. The company also said that the distribution process may take several months to complete.
 -0- 8/16/93
 /CONTACT: Allan V. Cecil, Vice President-Corporate Communications and Investor Relations, National Gypsum Company, 704-365-7227 or FAX 704- 365-7391/
 (NGCO)


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

CM -- CH001 -- 2875 08/16/93 08:15 EDT
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Publication:PR Newswire
Date:Aug 16, 1993
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