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Gold/Mining/Energy : American Eco (ECGOF, ECX on Toronto exchange)
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To: Duncan who wrote (2477)5/21/1998 12:35:00 PM
From: david james  Read Replies (1) of 2841
 
American Eco Places $120.0 million in Senior Notes

TORONTO, ONTARIO--Michael E. McGinnis, Chairman, President and CEO
of AMERICAN ECO CORPORATION announced completion of a placement of
US$120.0 million 9.625 percent Senior Notes that will be due in
2008. American Eco intends to use the proceeds from the sale of
the Notes for repayment of US$71.2 million of debt, with the
remainder of the net proceeds to be used for potential
acquisitions and working capital requirements.

Standard and Poor's reported last week that they have assigned a
"BB-" rating to American Eco's Senior Notes above, as well as a
corporate credit rating of "BB-." Standard and Poor's News
Release stated that the ratings outlook for American Eco is
positive. Moody's Investors Services, Inc. has assigned a B1
credit rating to the issue.

The Notes were placed under a Rule 144A private placement offering
to institutional investors. This News Release shall not
constitute an offer to sell or the solicitation of an offer to buy
the Notes. The Notes, issuable upon the sale thereof, have not
been registered under the Securities Act of 1933 nor under any
state securities laws, and may not be offered or sold in the
United States absent registration or qualification or an
applicable exemption from registration or qualification
requirements.

American Eco is a leading North American provider of single-source
industrial support and specialty fabrication services in the
energy, pulp and paper, and power generating industries.
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