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USLIFE CORPORATION ANNOUNCES $150 MILLION REFINANCING

 USLIFE CORPORATION ANNOUNCES $150 MILLION REFINANCING
 NEW YORK, May 20 /PRNewswire/ -- USLIFE Corporation (NYSE: USH)


completed financing arrangements with a banking syndicate led by the Bank of New York for a two-year revolving credit facility, which provides a variety of borrowing options, interest savings and financing flexibility. USLIFE Corporation has the right to repay the principal at specified times without penalty.
 The proceeds of the financing will replace temporary borrowings used on May 1, 1992, to redeem, without penalty, all of the Corporation's 7-3/4 percent notes, due April 1, 1994, that redemption having previously been announced by USLIFE Corporation on March 31, 1992, and to repay $100 million term bank indebtedness at its maturity on May 15, 1992.
 In making this announcement, Gordon E. Crosby, Jr., chairman of the board, president and chief executive officer of USLIFE, stated: "The refinancing of the 7-3/4 percent notes and the term loan is expected to further reduce the Corporation's debt service, as well as provide flexibility for alternative financing in the future."
 -0- 5/20/92
 /NOTE TO EDITORS: USLIFE Corporation is a life insurance-based holding company whose principal subsidiaries engage in the life insurance business. With nationwide operations, the USLIFE Life Insurance division has three ordinary life insurance companies and a credit insurance group with approximately $108 billion of life insurance in force as of March 31, 1992. Additionally, there are five other subsidiaries that furnish the life insurance companies with investment advisory, broker-dealer, real estate, data processing and administrative services./
 /CONTACT: Richard P. Keating, vice president-corporate communications of USLIFE, 212-709-6227/
 (USH) CO: USLIFE Corporation ST: New York IN: INS SU:


SH-OS -- NY031 -- 2263 05/20/92 10:44 EDT
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Publication:PR Newswire
Date:May 20, 1992
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