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PET ISSUES $100 MILLION OF 5 3/4 PERCENT NOTES DUE 1998 AND $100 MILLION OF 6 1/2 PERCENT NOTES DUE 2003

 ST. LOUIS, July 21 /PRNewswire/ -- Pet Inc. (NYSE: PT) announced today an offering of $100 million principal amount of 5 3/4 percent Notes due 1998 and $100 million principal amount of 6 1/2 percent Notes due 2003. The Notes due 1998 will be offered to the public at 99.910 percent of the face amount to yield 5.77 percent, and the Notes due 2003 will be offered to the public at 99.632 percent to yield 6.55 percent.
 Proceeds from the Notes will be used by Pet to repay short-term debt that was incurred in connection with the recent refunding of its $325 million 9.35 percent Senior Notes due 1995 through 2001. The 9.35 percent Notes were issued in a private transaction at the time of the 1991 spinoff of Pet from Whitman Corp.
 The Notes are being issued under a previously announced shelf registration filed with the Securities and Exchange Commission, which permits the issuance of up to $300 million of debt securities. The First Boston Corp. will lead manage the offering. Co-managers will be Lazard Freres & Co. and J. P. Morgan Securities Inc.
 Pet is a leading packaged food company. Major brands include Old El Paso Mexican foods, Progresso soups and Italian foods, Van de Kamp's frozen seafood and Downyflake frozen waffles.
 -0- 7/21/93
 /CONTACT: Beatrice E. Miller, 314-622-6672; or Harry F. Estill, 314-622-6136, both of Pet/
 (PT)


CO: Pet Inc. ST: Missouri IN: FOD SU:

MC -- DV003 -- 3993 07/21/93 13:29 EDT
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Publication:PR Newswire
Date:Jul 21, 1993
Words:255
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