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SUNAMERICA COMMENCES OFFERING OF $2.78 DEPOSITARY SHARES PRICED AT $37

 Offering Size Increased From 3,000,000 to 4,350,000
 Depositary Shares
 LOS ANGELES, March 4 /PRNewswire/ -- SunAmerica Inc. (NYSE: SAI) today announced that it has commenced an offering of 4,350,000 of its $2.78 Depositary Shares, each representing one-fiftieth (1/50) of a share of Series D Mandatory Conversion Premium Dividend Preferred Stock.
 SunAmerica will receive net proceeds of $156,121,500 for the 4,350,000 Depositary Shares, and additionally has granted the underwriters, led by Merrill Lynch & Co., a 30-day option to purchase up to an additional 652,500 Depositary Shares.
 If the underwriters' option is exercised in full, SunAmerica will issue a total of 5,002,500 of the Depositary Shares, up from a total of 3,450,000 contemplated in its Registration Statement filed with the Securities and Exchange Commission on Jan. 26, 1993.
 On the March 1, 1996, Mandatory Conversion Date, each of the outstanding Depositary Shares will automatically convert, subject to adjustment for certain events, into one share of the company's common stock, plus cash for accrued and unpaid dividends.
 Prior to the Mandatory Conversion Date, the company may call the outstanding Depositary Shares for redemption, in whole or in part, at a call price per Depositary Share initially equal to $57.45, declining by $.0070 on each day following the date of issue to $50.37 on Jan. 1, 1996, and equal to $49.95 thereafter. The call price will be payable in shares of SunAmerica common stock having an aggregate current market price, as defined in the Prospectus, equal to the applicable call price, plus an amount in cash equal to all accrued and unpaid dividends.
 The net proceeds from the sale of the Depositary Shares are expected to be used for general corporate purposes, including the possible acquisition of life insurance and other assets, investments in portfolio assets and working capital needs. The company currently has no plans or commitments to acquire any specific life insurance business or other material assets.
 SunAmerica is a financial services company with $16 billion of assets owned or under management. Through its subsidiaries the company specializes in selling tax deferred, long-term savings products and investments to the expanding preretirement savings market.
 -0- 3/4/93
 /CONTACT: Jana Waring Greer, senior VP of SunAmerica, 310-445-6532/
 (SAI)


CO: SunAmerica Inc. ST: California IN: FIN SU: OFR

JL-JB -- LA012 -- 2811 03/04/93 09:02 EST
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Publication:PR Newswire
Date:Mar 4, 1993
Words:402
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