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PHM UNIT CALLS DEBENTURES FOR REDEMPTION

 PHM UNIT CALLS DEBENTURES FOR REDEMPTION
 BLOOMFIELD HILLS, Mich., March 13 /PRNewswire/ -- PHM Corporation


(NYSE: PHM), of Bloomfield Hills, announced today that its indirect wholly owned subsidiary, Pulte Home Credit Corporation, is calling its 8 1/2-percent Convertible Subordinated Debentures Due 2008 for redemption on April 13, 1992. The redemption price is 100.85 percent of the principal amount of such debentures, plus accrued but unpaid interest to the redemption date.
 The debentures may, however, be converted into shares of the common stock of PHM Corporation at any time before the close of business on March 30, 1992, at a conversion price of $23.75 per share of PHM common stock. PHM Corporation's common stock closed at 28 3/8 on March 12, 1992.
 There are $59,955,000 in outstanding aggregate principal amount of the debentures. If all debentures are converted into PHM common stock, the company will no longer incur interest expense of approximately $5.1 million per year and the number of outstanding shares of PHM common stock will be increased by approximately 2,524,421 shares.
 -0- 3/13/92
 /CONTACT: William J. Crombie of PHM Corporation, 313-647-2750/
 (PHM) CO: PHM Corporation ST: Michigan IN: CST SU: ECO


DH -- DE005 -- 7687 03/13/92 09:28 EST
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Mar 13, 1992
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