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THE FOOTHILL GROUP INC. ANNOUNCES REDEMPTION OF SUBORDINATED DEBENTURES

 THE FOOTHILL GROUP INC. ANNOUNCES
 REDEMPTION OF SUBORDINATED DEBENTURES
 LOS ANGELES, June 19 /PRNewswire/ -- The Foothill Group Inc. (NYSE: FGI) announced today the redemption of $7,037,000 of its 9.5 percent convertible subordinated debentures due Aug. 15, 2003. There are currently $14,074,000 of these debentures outstanding and one half (or $7,037,000) will be redeemed on July 20, 1992. Under the terms of the indenture dated Sept. 15, 1983, between Foothill and IBJ Schroder Bank & Trust Co. as Trustee, the debentures will be redeemed at a price of 101.90 percent, together with accrued interest to July 20, 1992. Debentureholders of this issue can currently convert each debenture into 140.056 shares of Foothill's Class A Common Stock using the adjusted conversion price of $7.14 per share. Debentures called for redemption and not converted into class A common stock on or before July 17, 1992, will be redeemed as previously noted.
 Don L. Gevirtz, chairman and chief executive officer, said, "The parent company is making significant progress in executing its strategic plan of deleveraging. The annual reduction in interest expense due to the elimination of these debentures approximates $668,000. After this redemption, parent company liabilities will total approximately $13 million, down from $45 million as of Dec. 31, 1991."
 The Foothill Group Inc. is a financial services company engaged in the commercial finance and asset management businesses. Foothill Capital Corp., its largest subsidiary, provides asset-based financing secured by accounts receivable, inventory, equipment and other assets to businesses nationwide. Foothill Thrift and Loan specializes in providing commercial and industrial loans secured by real estate to small- and medium-sized businesses in California. The Capital Markets Division (parent company) manages institutional limited partnerships which invest in the debt of companies which are in reorganization or in the process of restructuring.
 -0- 6/19/92
 /CONTACT: Henry K. Jordan, VP and CFO of The Foothill Group, 310-478-8383/
 (FGI) CO: The Foothill Group ST: California IN: FIN SU:


EH-JL -- LA001 -- 1799 06/19/92 09:02 EDT
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Publication:PR Newswire
Date:Jun 19, 1992
Words:339
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