WHITE PLAINS, N.Y., June 30 /PRNewswire/ -- ITT Industries, Inc.
(NYSE: IIN) announced today that it will redeem all of its outstanding
8-3/4% Senior Debentures due March 1, 2006 (the "8-3/4% Debentures") and 9-
1/4% Senior Debentures Due July 15, 2001 (the "9-1/4% Debentures") on August
1, 1999. The redemption price for the 8-3/4% Debentures will be 101.223
percent of the principal amount, and the redemption price for the
9-1/4% Debentures will be 100 percent of the principal amount, plus accrued
interest to August 1, 1999 in both instances.
The outstanding principal amount of 8-3/4% Debentures, issued in 1986, is
$7,793,000. The outstanding principal amount of the 9-1/4% Debentures, issued
in 1991, is $18,942,000. Both were issued by ITT Financial Corporation, a
subsidiary that has since merged into ITT Industries, Inc. State Street Bank
and Trust Company is the Trustee under the respective Indentures.
Neither the 8-3/4% Debentures nor the 9-1/4% Debentures is listed on any
exchange. Formal notice of the redemptions will be mailed to
ITT Industries, Inc. (http://www.ittind.com) is a global industrial
manufacturing company with leading positions in the markets that it serves,
generating 1998 global sales of $4.5 billion. ITT Industries is the world's
largest producer of pumps and also produces systems and services to move and
control water and other fluids. The company is also a leading supplier of
sophisticated military defense systems, and provides advanced technical and
operational services to a broad range of government agencies. ITT Industries
is a leading provider of connectors, switches and cabling used in
telecommunications, computing, aerospace and industrial applications, as well
as network services. Further, ITT Industries provides industrial components
for a number of other markets, including transportation, construction and
aerospace. Based in White Plains, NY, ITT Industries employs approximately
33,000 people around the world.
NOTE TO EDITORS: ITT Industries and its subsidiaries' press releases are
available at no charge via fax and the Internet. To receive releases by fax,
call 800-758-5804, extension 110006. For ITT Industries' news on the
Internet, visit http://www.ittind.com or http://www.prnewswire.com.
SOURCE ITT Industries, Inc.
Web site: http://www.ittind.com
CONTACT: Tom Glover of ITT Industries, Inc., 914-641-2160, or