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U.S. LONG DISTANCE COMPLETES COMMON STOCK OFFERING

 SAN ANTONIO, Texas, June 29 /PRNewswire/ -- U.S. Long Distance Corp. (NASDAQ: USLD) today announced that it completed its public offering of common stock, receiving net proceeds of $17.4 million. These proceeds were used to retire its 13 percent senior subordinated notes and accrued interest totaling $10.5 million, and added to working capital, reducing the outstanding balance under the company's revolving credit receivable financing facility.
 USLD announced its intention to sell 2 million shares of its common stock on May 27. At that time the company stated that it would be offering 1,550,000 shares for its account, and that 450,000 shares would be offered by owners of the 13 percent senior subordinated notes, upon exercise of a portion of their warrants. This offering was declared effective on June 22, 1993.
 Parris H. Holmes Jr., chairman and chief executive officer of USLD, stated, "This is a great day for U.S. Long Distance, and I am gratified by the tremendous reception we received across Europe and the United States in support of this offering. Retiring this long-term debt puts the company in strong financial shape. Our long-term debt to total capitalization ratio falls to .25 to 1, below the industry average of .5 to 1. This solid foundation firmly positions us to look for future acquisitions in the direct dial long-distance industry. This expansion will complement the strong internal growth the company has achieved, and I am confident that USLD is poised to become a major player in the telecommunications industry."
 U.S. Long Distance is a fully integrated long-distance telecommunications and information services company with three primary areas of business: regional direct-dial (one-plus) long-distance services in Texas and three surrounding states; national operator services for the hospitality and pay telephone industries; and billing clearinghouse and information management services for operator services and direct-dial long-distance companies.
 -0- 6/29/93
 /CONTACT: Tabitha Zane of U.S. Long Distance Corp., 210-525-6228/
 (USLD)


CO: U.S. Long Distance Corp. ST: Texas IN: TLS SU: OFR

CK -- NY049 -- 6683 06/29/93 11:59 EDT
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Publication:PR Newswire
Date:Jun 29, 1993
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