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WOOLWORTH CORPORATION TO REDEEM 9 PERCENT SINKING FUND DEBENTURES

 WOOLWORTH CORPORATION TO REDEEM 9 PERCENT SINKING FUND DEBENTURES
 NEW YORK, Jan. 21 /PRNewswire/ -- Woolworth Corporation (NYSE: Z) announced today that it will redeem the F.W. Woolworth Co. 9 percent sinking fund debentures due June 1, 1999, at 101.238 percent of their principal amount, plus accrued interest. The redemption date will be March 1, 1992. Approximately $85 million of the debentures are outstanding.
 The company will use the proceeds from its issuance of $85 million of medium-term notes with maturities from 1993 to 1999, priced today, to refund the 9 percent sinking fund debentures. Refunding the 9 percent sinking fund debentures with the medium-term notes, having interest rates ranging from 4.6 percent to 7.43 percent, will result in total interest savings of approximately $7 million, the company said.
 Formal notice of redemption will be sent to debenture holders shortly. The Bank of New York, trustee for the debenture holders, will act as paying agent for the redemption.
 The debentures, offered to the public by F.W. Woolworth Co. in 1974, were assumed in 1989 by Woolworth Corporation as a result of a share exchange under which Woolworth Corporation was established and F.W. Woolworth Co. became a Woolworth Corporation subsidiary.
 Woolworth Corporation, with annual revenues of approximately $10 billion, currently operates more than 9,400 stores worldwide, including some 7,700 specialty stores and more than 1,700 general merchandise stores in eleven countries -- the United States, Canada, Mexico, Germany, England, Belgium, France, Italy, Luxembourg, the Netherlands, and Australia.
 -0- 1/21/92
 /CONTACT: Frances E. Trachter of Woolworth, 212-553-2394/
 (Z) CO: Woolworth Corporation ST: New York IN: REA SU:


KD -- NY116 -- 2023 01/21/92 16:12 EST
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Jan 21, 1992
Words:283
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