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WESTINGHOUSE 28.6 MILLION EQUITY OFFERING NEARS COMPLETION

 WESTINGHOUSE 28.6 MILLION EQUITY OFFERING NEARS COMPLETION
 PITTSBURGH, June 3 /PRNewswire/ -- Westinghouse Electric Corporation (NYSE: WX) today announced that it has commenced the offering of 28.6 million depositary shares, each representing one-quarter of a share of preferred equity redemption cumulative stock (PERCS), at $17 per depositary share.
 Chairman Paul E. Lego said that the PERCS offering represents another significant step in restoring the financial strength of Westinghouse.
 The annual dividend rate for each depositary share is $1.53, payable quarterly on the first day of March, June, September and December, commencing Sept. 1, 1992. At Sept. 1, 1995, each depositary share will automatically convert into one share of Westinghouse common stock, subject to adjustment upon certain events. Westinghouse has the option to call the depositary shares for redemption prior to Sept. 1, 1995, at an initial price of $26.23 per depositary share, declining thereafter to $23.80 after July 1, 1995.
 Lego said the PERCS offering, which will enable the corporation to improve its debt-to-equity level, continues the strengthening actions the corporation previously outlined to improve its financial position.
 "The PERCS offering, combined with other actions, will facilitate our announced strategy of an orderly downsizing of our financial services unit," Lego said. "While economic conditions remain difficult, Westinghouse is committed to doing what is necessary to continue to improve the corporation's financial flexibility and earnings prospects of its core businesses."
 A registration statement relating to these securities filed with the Securities and Exchange Commission became effective today. Morgan Stanley & Co., Incorporated, and Lehman Brothers are managers of a nationwide underwriting group for the offering. The registration statement includes 4.29 million depositary shares to cover the underwriters' over-allotment option.
 Westinghouse is a diversified, global, technology-based corporation focused on seven principal markets: electronic systems; power systems; environmental systems; radio and television broadcasting; industries; financial services and office furniture. The common stock of the company is listed on the New York Stock Exchange, as well as on the Boston, Midwest, Pacific and Philadelphia Stock Exchanges under the symbol "WX." The depositary shares are listed on the New York Stock Exchange.
 -0- 6/3/92
 /CONTACT: Jay McCaffrey of Westinghouse, 412-642-3366/
 (WX) CO: Westinghouse Electric Corporation ST: Pennsylvania IN: CPR OIL FIN SU: OFR


DM -- PG009 -- 6673 06/03/92 15:19 EDT
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Publication:PR Newswire
Date:Jun 3, 1992
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