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PRIMERICA TO SELL MORTGAGE SUBSIDIARY IN PUBLIC OFFERING

       PRIMERICA TO SELL MORTGAGE SUBSIDIARY IN PUBLIC OFFERING
    NEW YORK, Nov. 27 /PRNewswire/ -- Primerica Corporation (NYSE: PA) announced today that Margaretten Financial Corporation, an indirect subsidiary of the company, has filed a registration statement on Form S-1 with the Securities and Exchange Commission regarding a proposed initial public offering of 15 million shares of Margaretten Financial common stock.
    Margaretten Financial is a holding company, newly formed to hold the stock of Margaretten & Company, which is engaged in mortgage banking, including the origination, purchase, sale and servicing of residential first mortgage loans secured by single-family homes, and the purchase and sale of mortgage servicing rights.
    The offering will consist of 12,143,000 shares beneficially owned by Primerica Holdings, a subsidiary of Primerica Corporation, which represents 100 percent of its ownership.  In addition, 2,857,000 primary shares will be sold by Margaretten Financial Corp.  Of the total shares offered, 12,750,000 will be offered in the United States and Canada and 2,250,000 shares will concurrently be offered internationally.  The initial public offering price and the aggregate underwriting discount per share will be identical for both.
    The registration statement anticipates that the initial public offering price will be in the range of $16 to $19 per share.  The transaction is expected to be completed during the first quarter of next year and is subject to regulatory review and approvals, as well as customary closing and market conditions.
    Underwriters for the offering are Smith Barney, Harris Upham & Co., Inc., Salomon Brothers Inc., and Merrill Lynch & Co., while those firms' respective international divisions will provide for the concurrent offer and sale outside the United States and Canada.
    Primerica Corporation is a diversified financial services company principally engaged in life, credit, accident and health and property and casualty insurance, investment banking and securities brokerage, mutual funds, asset management and mortgage banking, consumer lending and direct marketing.  As of Sept. 30, 1991, Primerica had assets of $22.6 billion and book value of $29 per share.
    -0-        11/27/91
    /CONTACT:  Mary McDermott, 212-891-8870, or Avery Hunt, 212-891-8871, both of Primerica/
    (PA) CO:  Primerica Corporation ST:  New York IN:  FIN SU:  TNM CK-KW -- NY046 -- 7843 11/27/91 15:39 EST
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Publication:PR Newswire
Date:Nov 27, 1991
Words:369
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