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REDEMPTION OF ARVIN $3.75 CONVERTIBLE PREFERRED SHARES FOR 7 1/2 PERCENT CONVERTIBLE SUBORDINATED DEBENTURES DUE 2014

 REDEMPTION OF ARVIN $3.75 CONVERTIBLE PREFERRED SHARES
 FOR 7 1/2 PERCENT CONVERTIBLE SUBORDINATED DEBENTURES DUE 2014
 COLUMBUS, Ind., Oct. 19 /PRNewswire/ -- Arvin Industries, Inc. (NYSE: ARV) announced today the results of its call for exchange on Sept. 30, 1992 all of its outstanding $3.75 Convertible Exchangeable Preferred Shares for Arvin 7 1/2 percent Convertible Subordinated Debentures due 2014.
 As a result of the call for redemption, Arvin issued 209,244 Arvin common shares and expects to issue approximately $97,526,000 principal amount of debentures, and deliver approximately $9,234 in cash in lieu of fractional common share and debentures. The holders of debentures are entitled to at any time prior to the close of business on Sept. 30, 2014, subject to prior redemption, to convert the debentures or portions thereof (in denominations of $1,000 and integral multiples thereof) into 1.754 common shares per $50 principal amount of debentures (subject to adjustment). The debentures are listed on the New York Stock Exchange under the symbol ARV-14.
 Holders of preferred shares must deliver their preferred share certificate(s), accompanied by a Letter of Transmittal, to Harris Bank and Trust Company, the Exchange Agent, 111 W. Monroe Street, Chicago, Ill. 60690 in order to obtain their debentures. No debentures will be issued except upon surrender of certificates for the preferred shares. Although interest on the debentures will begin to accrue on the exchange date, holders will not be entitled to receive interest until preferred share certificates have been properly surrendered for exchange.
 Arvin Industries, Inc., is an international manufacturing company supplying automotive parts and related products and services in more than 100 countries throughout the world.
 -0- 10/19/92
 /CONTACT: Fred Meyer, 812-379-3741, or John Brown, 812-379-3389, both of Arvin Industries, Inc./
 (ARV) CO: Arvin Industries, Inc. ST: Indiana IN: AUT SU:


BM -- CL029 -- 1827 10/19/92 16:57 EDT
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Publication:PR Newswire
Date:Oct 19, 1992
Words:316
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