NEW YORK--(BUSINESS WIRE)--Aug. 19, 2003--Loews Corporation
(NYSE:LTR) (NYSE:CG) announced today the declaration of a quarterly
dividend on its Carolina Group stock, in the amount of $0.455 per
share, payable September 15, 2003 to shareholders of record as of
September 2, 2003.
The Company also stated that concurrently with the declaration of
the dividend on Carolina Group stock, approximately $172,800,000 has
been applied from funds available in the Carolina Group to reduce the
principal amount of the notional intercompany debt of Carolina Group
to Loews Group, thereby bringing the principal amount of such debt to
The Carolina Group stock, commonly called a tracking stock, is
intended to reflect the economic performance of a defined group of
assets and liabilities of the Company, referred to as the Carolina
Group. The principal asset attributed to the Carolina Group is the
Company's stock in its wholly owned subsidiary, Lorillard, Inc. The
Carolina Group is a notional group intended to reflect the performance
of a defined set of assets and liabilities. The Carolina Group is not
a separate legal entity.
CONTACT: Loews Corporation, New York
Peter W. Keegan, 212-521-2950
Candace Leeds, 212-521-2416
Joshua E. Kahn, 212-521-2788
SOURCE: Loews Corp.