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OLYMPIA & YORK REPORTS DEPOSIT OF FUNDS

 OLYMPIA & YORK REPORTS DEPOSIT OF FUNDS
 TORONTO, April 2 /PRNewswire/ -- Olympia & York Developments Limited


announced today that approximately $147.3 million was deposited last night to fund matured and maturing commercial paper issued by Olympia & York Commercial Paper II Inc. Olympia & York has outstanding approximately $231 million under this program.
 These funds were deposited with The Royal Trust Company, trustee for the holders of the commercial paper, by GWU Investors Limited which obtained such funds as a result of the sale, previously announced, by GWU Investments Limited to GW Utilities Limited of certain proceeds of the special dividends which GWU Investments is entitled to receive from GW Utilities Limited on April 14, 1992.
 Approximately $78 million of matured commercial paper under this program will be retired today and the balance of the funds deposited with Royal Trust, as trustee, will be applied to fund the repayment of the approximately $153 million of commercial paper which will be maturing after today under this program. Planning is under way to permit the orderly retirement of all the outstanding commercial paper under this program.
 -0- 4/2/92
 /CONTACT: Frank Ternan of Olympia & York, 416-862-5324; or Peter Rosenthal, 212-489-6900, for Olympia & York/ CO: Olympia & York Developments Limited ST: Ontario IN: SU:


GK-TS -- NY027 -- 4297 04/02/92 10:52 EST
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Publication:PR Newswire
Date:Apr 2, 1992
Words:217
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