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QUAKER STATE REFINANCES $50 MILLION OF SENIOR DEBT

QUAKER STATE REFINANCES $50 MILLION OF SENIOR DEBT
 OIL CITY, Pa., Sept. 30 /PRNewswire/ -- Quaker State Corporation (NYSE: KSF) today issued $50 million of Senior Notes, due Sept. 30, 2002.
 The notes, which were purchased by a group of insurance companies, will carry a fixed interest rate of 8.73 percent and do not require principal amortization prior to maturity.
 The proceeds will be used to refinance existing floating rate short term bank revolving credit loans. The refinancing enables Quaker State to extend the maturities of its debt at an attractive rate and does not increase the company's total debt outstanding. The company's total debt remains at approximately $100 million, which represents a debt to capital ratio of 25 percent and a debt to equity ratio of 33 percent.
 Vice President and Chief Financial Officer R. Scott Keefer said, "We believe that fixing our interest cost on $50 million of debt at a rate of less than 9 percent for the next 10 years is a prudent move and very much in the best interest of our shareholders."
 J.P. Morgan Securities Inc. acted as advisor and agent to Quaker State Corporation on this refinancing.
 -0- 09/30/92
 CONTACT: Benton H. Faulkner of Quaker State, 814-676-7877
 (KSF) CO: QUAKER STATE CORPORATION IN: OIL ST: PA -- PG013 -- X523 09/30/92
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Publication:PR Newswire
Date:Sep 30, 1992
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