REPUBLIC AMERICAN <RAWC> PLANS EXCHANGE OFFER
Republic American Corp said it
began an offer to exchange a new issue of 9-1/2 pct
subordinated debentures due 2002 for a portion of its common
stock.
    Republic said it is offering to acquire its stock at a rate
of 17.50 dlrs principal amount of debentures per common share.
    The offering, which expires on April 27 unless extended, is
for up to 2,250,000 shares, with the company reserving the
right to accept three mln shares, Republic also said.
 Reuter
