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OAKWOOD HOMES CORPORATION ANNOUNCES DEBENTURE OFFERING

 OAKWOOD HOMES CORPORATION ANNOUNCES DEBENTURE OFFERING
 GREENSBORO, N.C., July 16 /PRNewswire/ -- Oakwood Homes Corporation (NYSE: OH) announced today the public offering of $23,000,000 aggregate principal amount of its reset debentures due 2007 - Series B, pursuant to a firm underwriting agreement dated July 15, 1992. The debentures will bear interest initially at 9 percent per annum, subject to reset on June 1, 1997, and June 1, 2002, and are being offered initially at par. Net proceeds of the offering will be used principally to support the company's financing of installment sale contracts with its retail purchasers.
 The debentures are an additional series of the company's debt securities covered by a shelf registration statement that became effective in March 1992. The company previously issued and sold $17,000,000 aggregate principal amount of its reset debentures due 2007 - Series A pursuant to the shelf registration.
 The underwriters for this offering are J.C. Bradford & Co., Legg Mason Wood Walker, Incorporated, and Morgan Keegan & Company, Inc. Copies of the Prospectus and Prospectus Supplement for this offering may be obtained from underwriters or from the company at 2225 South Holden Road, Greensboro, N.C. 27407.
 "We are extremely pleased with the successful completion of the debenture offering in this current economic climate," said Nicholas J. St. George, president and chief executive officer. "It is an important part of our overall capital raising plan which will ensure we have the capital to grow profitably in the years ahead. It speaks well to the strength and potential of Oakwood Homes."
 Oakwood Homes Corporation and its subsidiaries are engaged primarily in the production and sale of manufactured housing in North Carolina, South Carolina, Virginia, West Virginia, Tennessee, Georgia, Texas, Delaware, Kentucky and Ohio.
 -0- 7/16/92
 /CONTACT: C. Michael Kilbourne of Oakwood Homes Corporation, 919-855-2345/
 (OH) CO: Oakwood Homes Corporation ST: North Carolina IN: CST SU: OFR


AH -- NY098 -- 9880 07/16/92 15:11 EDT
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Publication:PR Newswire
Date:Jul 16, 1992
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