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RATNERS GROUP PLC 44,000,000 POUNDS STERLING 4 PERCENT CONVERTIBLE BONDS DUE 2002 CREATION OF SECURITY

 RATNERS GROUP PLC 44,000,000 POUNDS STERLING
 4 PERCENT CONVERTIBLE BONDS DUE 2002 CREATION OF SECURITY
 NEW YORK, Aug. 21 /PRNewswire/ -- Ratners Group plc ("the company") (NASDAQ: RATNY), today announced that it has entered into a new facilities agreement with its lenders under which they have agreed to continue the existing loans andhe company will, subject to compliance with the covenants, be entitled to redeem its 4 percent convertible bonds ("the bonds") due 2002 in accordance with the terms of the trust deed constituting the bonds if the directors of the company expect that, following such redemption, the resources at such time of the company and its subsidiaries (together, the group) will be sufficient to ensure that each member of the group will be able to carry on its business in accordance with the business plan submitted to the lenders.
 The company, its U.S. subsidiaries and a number of its UK subsidiaries have given guarantees and fixed charges over their interests in the share capital and intra-group indebtedness of other group members to secure all amounts payable to those lenders and to the holders of the bonds ("bondholders"). The company and those UK subsidiaries have also created fixed and floating charges over all their other assets to secure such amounts. No security has been granted over the assets of the group's U.S. subsidiaries apart from the above.
 Under the arrangements with the lenders and the company, the trustee of the bonds is a beneficiary of the security on behalf of the bondholders but the trustee is not entitled to participate in any decision by the lenders as to whether or not to take any action for the purpose of enforcing the security. Bondholders should note that if the security were to be enforced and the trustee or any bondholder had taken any action to accelerate or enforce payment of the bonds, the secured claims of the trustee and the bondholders would rank behind the secured claims of the lenders.
 A memorandum containing further information regarding the circumstances in which the secured claims of the trustee and the holders of the bonds would rank behind those of the lenders, will be available for collection, by bondholders only, from the following addresses of the paying and conversion agents from Aug. 24, 1992, on production of their bond(s) for inspection.
 Principal paying and conversion agent Bankers Trust Company, 1 Appold Street, Broadgate London EC2A 2HE. Paying and conversion agents: Banque Indosuez Luxembourg, 39 Allee Schaeffer, 2520 Luxembourg and Swiss Bank Corporation, Aeschenvorstadt 1, CH-4002 Basle Switzerland.
 -0- 8/21/92
 /CONTACT: James McAdam, executive chairman, or Gary O'Brien, group finance director, London 011-44-71-499-1000, both of the Ratners Group plc, or Thomas C. Franco or Jeffrey G. Gibson, New York 212-229-2222, both of the Broadgate Consultants, Inc. for the Ratners Group plc/
 (RATNY) CO: Ratners Group plc ST: New York IN: REA SU:


TS-KD -- NY002 -- 2047 08/21/92 09:52 EDT
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Publication:PR Newswire
Date:Aug 21, 1992
Words:492
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