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PROMUS ANNOUNCES PLANNED OFFER TO EXCHANGE NOTES PROMUS ALSO FILES SHELF REGISTRATION STATEMENT WITH SEC

 MEMPHIS, July 16 /PRNewswire/ -- The Promus Companies Incorporated (NYSE: PRI) today announced that the Securities and Exchange Commission has declared effective the company's registration statement relating to a planned offer by its wholly owned subsidiary, Embassy Suites, Inc., to exchange up to $200 million aggregate principal amount of its 8 3/4 percent Senior Subordinated Notes due 2000 for a like principal amount of Embassy's outstanding privately placed senior subordinated notes. The new notes will be on the same terms, except that the new notes will be registered under the Securities Act of 1933.
 The exchange offer will expire at 5 p.m., New York time, on Aug. 13, 1993, unless extended. The exchange agent is The Bank of New York.
 Shelf Registration For Up To $200 Million Filed
 The Promus Companies Incorporated and Embassy Suites, Inc., also today announced that they have filed a shelf registration statement with the Securities and Exchange Commission covering up to $200 million of debt securities to be offered from time to time.
 The net proceeds from the sale of the debt securities will be used for general corporate purposes, repayment of debt, or other purposes that may be specified in a prospectus supplement.
 Promus is the parent company of four leading brand names in the casino and hotel industries: Harrah's, the premier name in casino entertainment, and Embassy Suites, Hampton Inn and Homewood Suites hotels.
 The registration statement for these securities has been filed with the Securities and Exchange Commission but has not yet become effective. The securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such State.
 -0- 7/16/93
 /CONTACT: Ralph Berry of The Promus Companies, 901-762-8629/
 (PRI)


CO: The Promus Companies Incorporated ST: Tennessee IN: LEI CNO SU: OFR

CM -- CH006 -- 2656 07/16/93 16:54 EDT
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Publication:PR Newswire
Date:Jul 16, 1993
Words:362
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