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VARITY CALLS $75 MILLION ISSUE OF 14 PERCENT NOTES

 BUFFALO, N.Y., Jan. 26 /PRNewswire/ -- Varity Corporation (NYSE: VAT) today announced that it has called a $75 million issue of Dayton Walther 14 percent senior subordinated notes due July 15, 1997. Varity said that it was calling the issue early to realize annual interest expense savings of $10.5 million a year.
 The company said that the funds were available from a program it began this fiscal year to sell non-strategic assets with the proceeds used for debt reduction. Varity said that it would incur an extraordinary charge of $6.4 million after taxes in its fiscal fourth quarter ended Jan. 31, 1993, due to the early call at a premium.
 Varity Corporation (NYSE: VAT) had sales in 1991 of $3.2 billion and is one of the 150 largest U.S. industrial firms. Operations include Kelsey-Hayes automotive components and anti-lock braking systems, Massey Ferguson farm equipment and Perkins diesel engines.
 -0- 1/26/93
 /CONTACT: Jerry Hostetter of Varity Corporation, 716-888-8073/
 (VAT)


CO: Varity Corporation ST: New York IN: AUT SU:

KK -- CL004 -- 8948 01/26/93 09:32 EST
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Publication:PR Newswire
Date:Jan 26, 1993
Words:182
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