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UNDERWRITERS OF CONSOLIDATED FREIGHTWAYS INC. PREFERRED STOCK OFFERING EXERCISE OPTION FOR 900,000 SHARES

UNDERWRITERS OF CONSOLIDATED FREIGHTWAYS INC. PREFERRED STOCK OFFERING
 EXERCISE OPTION FOR 900,000 SHARES
 PALO ALTO, Calif., April 21 /PRNewswire/ -- Consolidated Freightways Inc. (NYSE: CNF) announced that the underwriters of the company's recent offering of depositary shares of convertible preferred stock exercised their over-allotment option to purchase 900,000 shares.
 The underwriters were led by Goldman, Sachs & Co. and Salomon Brothers Inc. Proceeds to CF from the sale of the over-allotment shares were in excess of $15 million.
 On March 11, 1992, the company announced an issue of 6 million depositary shares of convertible preferred stock priced at $17.625 each. The offering of this issue has been completed and raised approximately $103 million.
 Combined proceeds of $118 million from the offering including the over-allotment are to be used to reduce corporate debt and for general corporate purposes. Altogether, 6.9 million of the depositary shares were sold.
 Each depositary share represents one-tenth of a share of conversion preferred stock. The depositary shares were priced with an annual dividend of $1.54 per share, initially yielding 8.738 percent.
 Consolidated Freightways Inc. is a diversified freight transportation company with businesses in long-haul and regional next- day trucking, air freight, intermodal rail and ocean shipping, customs brokerage and logistics management services.
 -0- 4/21/92
 /CONTACT: J.R. Allen of Consolidated Freightways Inc., 415-494-2900/
 (CNF) CO: Consolidated Freightways Inc. ST: California IN: TRN SU:


DG-MM -- SJ003 -- 0355 04/21/92 08:00 EDT
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Publication:PR Newswire
Date:Apr 21, 1992
Words:242
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