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GALEY & LORD, INC. ANNOUNCES EARNINGS EXPECTATIONS AND BANK LOAN REFINANCING

 GREENSBORO, N.C., June 16 /PRNewswire/ -- Galey & Lord, Inc. (NASDAQ: GANL) announced today that sales and earnings for the quarter ended July 3, 1993 (June Quarter of "93") will be less than originally anticipated by the Company due to weaker than expected sales and lower margins in its Printed Fabrics Division. Sales of the Company's Woven fabrics remain extremely strong and the Company's total backlog position continues at record levels.
 Arthur Wiener, chairman and chief executive officer, commented that while the Company is disappointed in the decreased print volume and its effect on earnings, the Company expects sales and earnings in the June quarter of 1993 to be similar to that of the March quarter 1993.
 The Company also announced that its bank lenders have agreed in principle to amend its term loan and revolving credit facilities to reduce the interest rate on its term loan and revolving credit borrowings from the prime rate plus .5 percent to an option of either the prime rate or the Libor rate plus 1.5 percent. At current Libor rates and borrowing levels, the Company estimates that the refinancing could save the Company up to approximately $1.0 million after taxes in the next twelve months. In addition, the lenders have agreed in principle to increase maximum borrowings permitted under the revolving line of credit from $75,000,000 to $80,000,000 and to increase its term loan borrowings by $15,800,000 to $45,000,000. The Company anticipates that the refinancing will close by June 30, 1993.
 -0- 6/16/93
 /CONTACT: Michael R. Harmon of Galey & Lord, Inc., 919-665-3037/
 (GANL)


CO: Galey & Lord, Inc. ST: North Carolina IN: TEX SU: ERP

JM -- CH001 -- 2464 06/16/93 08:15 EDT
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Publication:PR Newswire
Date:Jun 16, 1993
Words:291
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