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PEP BOYS ANNOUNCES REDEMPTION OF CONVERTIBLE DEBENTURES

 PEP BOYS ANNOUNCES REDEMPTION OF CONVERTIBLE DEBENTURES
 PHILADELPHIA, April 7 /PRNewswire/ -- Pep Boys -- Manny, Moe & Jack


(NYSE: PBY) announced today it will redeem all of its outstanding 6 percent Convertible Subordinated Debentures Due November 1, 2011, on May 7, 1992, at the redemption price of 103 percent of their principal amount, together with interest accrued thereon from May 1, 1992, to the redemption date in the amount of $1 per $1,000 debenture, or $1,031.
 At 9 a.m. EDT on May 7, 1992, the redemption price will become due and payable on all debentures and interest on the debentures shall cease to accrue on and after that date.
 The debentures are convertible into common stock of The Pep Boys -- Manny, Moe & Jack up to 5 p.m. EDT on April 30, 1992. Debentures surrendered for conversion after April 15, 1992, must be accompanied by payment in New York clearing house funds payable to The Pep Boys -- Manny, Moe & Jack of an amount equal to the interest payable on May 1, 1992, on the principal amount of debentures being surrendered for conversion ($30 for each $1,000 of debentures surrendered). No payments in respect of interest shall be made upon conversion of any debenture on or before April 15, 1992.
 Debenture holders of record as of April 15, 1992, will receive their interest payment ($30 for each $1,000 of debentures) on May 1, 1992.
 Each $1,000 principal amount of debentures is convertible into 55.68 shares of common stock after giving effect to a 3-for-1 stock split effected in July 1987. Shareholders of record on April 13, 1992, will receive a dividend of $.0325 per share of common stock payable on April 27. Based on the closing price of the common stock on April 6, 1992, of $22.25, each $1,000 of debentures would convert into $1,238.88 worth of common stock. Holders of debentures who wish to convert their debentures into common stock must tender their debentures for conversion not later than 5 p.m. EDT on April 30, 1992.
 /delval/
 -0- 4/7/92
 /CONTACT: Michael J. Holden, senior vp-finance and treasurer of Pep Boys, 215-227-9202/
 (PBY) CO: Pep Boys -- Manny, Moe & Jack ST: Pennsylvania IN: REA SU:


MK-JS -- PH023 -- 5839 04/07/92 12:27 EDT
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Publication:PR Newswire
Date:Apr 7, 1992
Words:384
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