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THE PENN TRAFFIC COMPANY COMMENCES TENDER OFFER FOR ANY AND ALL OF ITS 12-3/4 PERCENT SUBORDINATED NOTES DUE 1997

 THE PENN TRAFFIC COMPANY COMMENCES TENDER OFFER FOR
 ANY AND ALL OF ITS 12-3/4 PERCENT SUBORDINATED NOTES DUE 1997
 JOHNSTOWN, Pa., Jan. 30 /PRNewswire/ -- The Penn Traffic Company (AMEX: PNF) announced that it has today commenced an offer (the "offer") to purchase any and all of its outstanding 12-3/4 percent subordinated notes due 1997 (the "notes"), at a cash purchase price equal to $1,050 per $1,000 principal amount thereof, plus accrued and unpaid interest up to, but not including, the date of acceptance for payment, upon the terms and subject to the conditions set forth in the offer to purchase and in the related letter of transmittal.
 Goldman, Sachs & Co. and Salomon Brothers, Inc., are acting as dealer managers, and Marine Midland Bank, N.A., is acting as depositary, for the offer.
 The offer will expire at midnight, New York time, on Feb. 27, 1992, unless the offer is extended. Notes tendered may be withdrawn in whole or in part at any time prior to acceptance for payment. The offer is conditioned upon, among other things, the sale by The Penn Traffic Company of $100 million aggregate principal amount of senior notes (the "senior notes"). A registration statement relating to the senior notes has been filed with the Securities and Exchange Commission but has not yet become effective. The senior notes may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the senior notes in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 The Penn Traffic Company is one of the leading food retailers in the United States, operating 188 supermarkets in upstate New York, western Pennsylvania, central Ohio and northern West Virginia, under the names of P&C Foods, Quality Markets, Riverside Markets, Bi-Lo Foods, Big Bear and Big Bear Plus. Additionally, the company operates wholesale food distribution businesses serving 125 licensed franchises and 120 independent operators and a discount general merchandise business with 20 stores. Grand Union, in which Penn Traffic holds a 24 percent equity interest, operates 306 supermarkets and food stores under the Grand Union and Big Star trade names in the eastern United States.
 -0- 1/30/92
 /CONTACT: Gary D. Hirsch, chairman of the board, or Martin A. Fox, vice president, 212-370-0040, both of The Penn Traffic Company/
 (PNF) CO: The Penn Traffic Company ST: Pennsylvania IN: REA SU:


CD -- PG016 -- 5378 01/30/92 15:32 EST
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Publication:PR Newswire
Date:Jan 30, 1992
Words:450
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