AANCOR UNIT FILES AMENDED REGISTRATION STATEMENT
National Gypsum Co, a unit of Aancor
Holdings Inc, said it filed with the Securities and Exchange
Commission an amended registration statement covering up to 300
mln dlrs of 10-year priority senior subordinated notes.
    It previously filed a statement covering up to 600 mln dlrs
of such notes, National Gypsum said. The notes are part of a
refinancing plan that includes a new credit agreement with
domestic and foreign banks for 300 mln dlrs.
    Proceeds from the new notes and bank facility will be used
to terminate the company's current revolving credit facility by
repaying the approximate 400 mln dlr balance, it said.
    A total of 620 mln dlrs was originally drawn down under the
revolving credit facility on April 29, 1986, when National
Gypsum was acquired by a management-led investors group in a
leveraged buyout, the company said.
    National Gypsum said that the new credit agreement will
convert in 1990 to a term loan that will be amortized over four
years.
    It said the new notes will rank senior to the company's
existing 14-1/2 pct senior subordinated debentures of 2001 and
15-1/2 pct discount debentures due 2004.
 Reuter
