First Union Corp. and NationsBank Corp. are leading the financing for Delcor Inc.'s $940 million acquistion of National Gypsum Co.

First Union and NationsBank, both of Charlotte, N.C., have made equal commitments to a deal driven by C.D. Spangler Jr., who serves as chairman of the board of directors of Golden Eagle Industries and National Gypsum.

Delcor Inc. announced the intended acquisition Wednesday. Delcor, a wholly owned subsidiary of Golden Eagle Industries Inc., already owns 19% of National Gypsum's stock.

The proposed price of $43.50 a share is an approximate 32.8% premium over the National Gypsum's closing stock price of $32.75 on Tuesday.

The banks have each committed $134.1 million to the purchase of nonvoting preferred and common stock of Newco, a holding company Delcor is creating to own National Gypsum.

The banks have also committed jointly to provide up to $375 million in senior term debt and revolving credit.

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