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DELPHI FINANCIAL GROUP, INC. ANNOUNCES EXPANSION OF SENIOR REVOLVING LOAN FACILITY

 WILMINGTON, Del., June 15 /PRNewswire/ -- Delphi Financial Group, Inc. (NASDAQ: DLFI) today announced expansion from $85 million to $120 million of its revolving loan facility through a syndicate of lenders led by Continental Bank, N.A.
 The syndicate of lenders includes: The Bank of New York; Shawmut Bank Connecticut, N.A.; Bank One, Texas, N.A.; Corestates Bank, N.A.; Credit Lyonnais; and NationsBank Corporation. The revolving loan facility provides the Company with greater flexibility in terms of availability as well as a lower cost of funds.
 The company said it plans to use the expanded facility to make a partial redemption of its existing 11-3/4 percent senior subordinated debentures. Based on current interest rates, the annualized after tax interest savings associated with the partial redemption will approximate $1.6 million. The company will incur an extraordinary after tax charge on early extinguishment of debt of $2.7 million for redemption premium and discount.
 Delphi Financial Group, Inc. is an insurance holding company that underwrites, nationally, through its principal subsidiary, Reliance Standard Life Insurance Company, a portfolio of life, long-term disability and personal accident insurance, targeted principally to the employee benefits market. It also operates an asset accumulation business, growing primarily through wholesale transactions and emphasizing intensive investment management. Delphi Financial Group, Inc.'s common stock (DLFI) is quoted through the NASDAQ National Market System.
 /delval/
 -0- 6/15/93
 /CONTACT: Gerald R. Roop, assistant vice president-Finance of Delphi Financial, 215-787-4274/
 (DLFI)


CO: Delphi Financial Group, Inc. ST: Delaware IN: INS SU:

MJ -- PH026 -- 2359 06/15/93 17:15 EDT
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Publication:PR Newswire
Date:Jun 15, 1993
Words:262
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