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SCHOLASTIC CORPORATION ANNOUNCES INITIAL PUBLIC OFFERING OF 4.8 MILLION SHARES OF COMMON STOCK PRICED AT $22.50 PER SHARE

SCHOLASTIC CORPORATION ANNOUNCES INITIAL PUBLIC OFFERING OF 4.8 MILLION
 SHARES OF COMMON STOCK PRICED AT $22.50 PER SHARE
 NEW YORK, Feb. 24 /PRNewswire/ -- Scholastic Corporation today announced an initial public offering of 4.8 million shares of common stock priced at $22.50 per share. The offering consists of 3,750,000 shares offered by the company, and 1,050,000 shares offered by existing stockholders. In addition, the company and certain selling stockholders have granted the underwriters an option to purchase up to an additional 645,000 shares.
 In the United States, 3.0 million primary shares and 800,000 secondary shares are being sold through an underwriting group co-managed by Goldman, Sachs & Co. and Alex. Brown & Sons Incorporated. Concurrent with the U.S. offering, 750,000 primary shares and 250,000 secondary shares are being sold outside the United States, through an underwriting group co-managed by Goldman Sachs International Limited and Alex. Brown & Sons Incorporated.
 Scholastic will be traded on the NASDAQ National Market System under the symbol "SCHL."
 The Company intends to use the net proceeds from the offering to redeem its 13 percent Subordinated Debentures due 2002, its 12 1/2 percent Junior Subordinated Debentures due 1997, and to reduce its bank debt.
 The voting power of the company's capital stock is vested in its Class A Stock, subject to the right of the holders of common stock to elect one-fifth of the board of directors.
 Scholastic, headquartered in New York, is among the leading publishers and distributors of children's books, classroom and professional magazines, and other educational products. The company also publishes educational computer software and produces children's and family-oriented video and TV programming. Scholastic operates in the United States, Canada, Australia, the United Kingdom, and New Zealand.
 -0- 2/24/92
 /CONTACT: Cynthia Harrison of Scholastic, 212-505-3410/
 (SCHL) CO: Scholastic Corporation ST: New York IN: PUB SU: OFR


KD -- NY081 -- 2091 02/24/92 17:36 EST
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No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Feb 24, 1992
Words:325
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