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AEROVOX SIGNS REVOLVING CREDIT LINE AGREEMENT WITH BANK OF BOSTON FOR $15 MILLION

 NORTH DARTMOUTH, Mass., July 28 /PRNewswire/ -- Aerovox Incorporated (NASDAQ-NMS: ARVX) and the Bank of Boston signed a Revolving Credit Agreement on July 8, 1993, which establishes a $15 million line with a maturity of May 31, 1996. (This replaces a previous $9 million demand loan.) The new line, secured by domestic accounts receivable and inventories, will carry an interest rate at the bank's prime rate. Ronald F. Murphy, senior vice president and treasurer of the company, noted that this credit line will be utilized to support the continued growth of the company.
 In addition to the funds available under the Bank of Boston Agreement, the company has available to it a term line of credit of $10 million with an equipment financing company. These loans, secured by equipment of the New Bedford operations, have varying maturities and fixed interest rates which range from 7.36 percent to 8.24 percent. Other long-term debt of the company consists of a 10-year Industrial Revenue Bond, totaling $4,050,000 at inception, which matures on July 1, 2002, with equal payments of principal and interest, at an annual rate of 7.42 percent, from July 1, 1992. These bonds cannot be retired by the bondholder but may be prepaid at the option of the company after July 1, 1997, at a slight and declining penalty until maturity.
 Aerovox is the leading manufacturer of wound capacitors in North America. Aerovox products include AC, DC film, Power and Aluminum Electrolytic capacitors, as well as EMI filters which are used primarily in AC power supplies for electronic equipment. Capacitors are basic electrical components that store electrical energy and regulate the frequency, timing and condition of electrical signals.
 -0- 7/28/93
 /CONTACT: Mary Mandeville of Aerovox, 508-995-8000/


CO: Aerovox ST: Massachusetts IN: CPR SU:

SJ -- NE013 -- 7245 07/28/93 11:16 EDT
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Publication:PR Newswire
Date:Jul 28, 1993
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