NATIONAL INTERGROUP ANNOUNCES REDEMPTION OF SUBORDINATED DEBENTURES AND COMMON SHARE REPURCHASE PROGRAM
NATIONAL INTERGROUP ANNOUNCES REDEMPTION OF SUBORDINATED
DEBENTURES AND COMMON SHARE REPURCHASE PROGRAM
CARROLLTON, Texas, Nov. 5 /PRNewswire/ -- National Intergroup, Inc. (NYSE: NII) today announced that it is calling for redemption on or about Dec. 9, 1991, all of its outstanding 11.20 percent subordinated debentures due 1996 at 103.2 percent of the principal amount thereof, plus accrued interest to the redemption date. In furtherance thereof, the company will deposit with the indenture trustee funds sufficient to pay all obligations arising in connection with the redemption, and, effective immediately upon such deposit, will have satisfied and discharged its obligations under the indenture relating to the debentures.
The company also announced that its board of directors has authorized the company to repurchase up to 2,000,000 shares of the company's common stock, par value $5.00 per share. Such repurchases will be in open market or privately negotiated purchases, as the company may determine from time to time. The company currently has 21,900,000 shares outstanding.
The directors of National Intergroup, at a meeting today, also declared a dividend of $1.25 per share on cumulative convertible preferred stock for the third quarter of its 1992 fiscal year, payable Jan. 15, 1992 to stockholders of record Jan. 2, 1992.
National Intergroup, Inc., headquartered in Carrollton, Texas, is the parent company of FoxMeyer Corporation, the nation's third largest drug distributor. The company also owns Ben Franklin Retail Stores, Inc., a franchiser of approximately 1,000 retail variety and craft stores.
/CONTACT: Dennis Letham of National Intergroup, 214-446-4514/
(NII) CO: National Intergroup, Inc. ST: Texas IN: REA SU: SM -- NY077 -- 1411 11/05/91 16:56 EST