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RELIANCE ELECTRIC COMPANY ANNOUNCES REDEMPTION OF ITS $1.50 JUNIOR EXCHANGEABLE PREFERRED STOCK

 RELIANCE ELECTRIC COMPANY ANNOUNCES REDEMPTION
 OF ITS $1.50 JUNIOR EXCHANGEABLE PREFERRED STOCK
 CLEVELAND, Oct. 27 /PRNewswire/ -- Reliance Electric Company (NYSE: REE) announced today that it will redeem on Nov. 28, 1992, all of its 9,100,000 outstanding shares of $1.50 Junior Exchangeable Preferred Stock. The redemption price is $11.05 per share. Society National Bank will be the redemption agent. The regular quarterly cash dividend of $.375 per share will be paid separately on Nov. 28, 1992 to the holders of record at the close of business on Nov. 12, 1992.
 The $1.50 Junior Exchangeable Preferred Stock is traded on the American Stock Exchange under the symbol REE.PR.
 The redemption of the $1.50 Junior Exchangeable Preferred Stock is being funded with borrowings under the company's Term Loan facility. Since its initial public offering of common stock in May, and at the conclusion of this action, Reliance will have redeemed all of its outstanding subordinated debentures and preferred stock.
 Reliance Electric Company, headquartered in Cleveland, designs, sells and services a broad range of industrial and telecommunications equipment. Reliance operates 48 manufacturing plants worldwide, in nine countries, and employs approximately 14,000 people.
 -0- 10/27/92
 /CONTACT: P. Kelly Tompkins of Reliance Electric Company, 216-266-5809/
 (REE) CO: Reliance Electric Company ST: Ohio IN: TLS SU:


BM -- CL025 -- 5636 10/27/92 16:46 EST
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Publication:PR Newswire
Date:Oct 27, 1992
Words:229
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