Duane Reade Inc. Announces Plans for a Proposed Offering of Common Stock

Apr 30, 2001, 01:00 ET from Duane Reade Inc.

    NEW YORK, April 30 /PRNewswire/ -- Duane Reade Inc. (NYSE:   DRD) today
 announced that it plans to file a registration statement with the Securities
 and Exchange Commission for a proposed public offering of approximately
 7,000,000 shares of common stock consisting of approximately 4,000,000 primary
 shares offered by the Company and approximately 3,000,000 secondary shares
 offered by certain selling shareholders.
     It is currently anticipated that the underwriters will be granted an
 over-allotment option by the selling shareholders for additional secondary
 shares. The secondary shares will be offered by certain selling shareholders
 comprised of DLJ Merchant Banking Partners' investment funds which are
 affiliated with Credit Suisse First Boston, and a small portion of the owned
 shares and shares exercisable under vested options of certain officers of the
 Company. DLJ Merchant Banking Partners' funds currently own approximately
 8.3 million shares of the Company's common stock. A prospectus relating to
 this proposed offering is expected to be filed on or around May 14, 2001.
     The net proceeds to the Company from the primary shares will be used
 primarily to reduce outstanding debt.  The Company will not receive any of the
 net proceeds from the sale of the secondary shares.
 
     A registration statement relating to these securities has not yet been
 filed with the Securities and Exchange Commission and once filed will not
 become effective until declared effective by the Securities and Exchange
 Commission.  This communication shall not constitute an offer to sell or the
 solicitation of an offer to buy the securities, and the securities may not be
 sold, nor may offers to buy be accepted, prior to the time a filed
 registration statement becomes effective.
     This communication shall not constitute an offer to sell or the
 solicitation of an offer to buy, nor shall there be any sale of the securities
 in any state in which such offer, solicitation or sale would be unlawful prior
 to registration or qualification under the securities laws of any state.
 
 

SOURCE Duane Reade Inc.
    NEW YORK, April 30 /PRNewswire/ -- Duane Reade Inc. (NYSE:   DRD) today
 announced that it plans to file a registration statement with the Securities
 and Exchange Commission for a proposed public offering of approximately
 7,000,000 shares of common stock consisting of approximately 4,000,000 primary
 shares offered by the Company and approximately 3,000,000 secondary shares
 offered by certain selling shareholders.
     It is currently anticipated that the underwriters will be granted an
 over-allotment option by the selling shareholders for additional secondary
 shares. The secondary shares will be offered by certain selling shareholders
 comprised of DLJ Merchant Banking Partners' investment funds which are
 affiliated with Credit Suisse First Boston, and a small portion of the owned
 shares and shares exercisable under vested options of certain officers of the
 Company. DLJ Merchant Banking Partners' funds currently own approximately
 8.3 million shares of the Company's common stock. A prospectus relating to
 this proposed offering is expected to be filed on or around May 14, 2001.
     The net proceeds to the Company from the primary shares will be used
 primarily to reduce outstanding debt.  The Company will not receive any of the
 net proceeds from the sale of the secondary shares.
 
     A registration statement relating to these securities has not yet been
 filed with the Securities and Exchange Commission and once filed will not
 become effective until declared effective by the Securities and Exchange
 Commission.  This communication shall not constitute an offer to sell or the
 solicitation of an offer to buy the securities, and the securities may not be
 sold, nor may offers to buy be accepted, prior to the time a filed
 registration statement becomes effective.
     This communication shall not constitute an offer to sell or the
 solicitation of an offer to buy, nor shall there be any sale of the securities
 in any state in which such offer, solicitation or sale would be unlawful prior
 to registration or qualification under the securities laws of any state.
 
 SOURCE  Duane Reade Inc.