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MICHAEL ANTHONY PLACES $10 MILLION SENIOR SECURED NOTES

 MICHAEL ANTHONY PLACES $10 MILLION SENIOR SECURED NOTES
 MOUNT VERNON, N.Y., June 16 /PRNewswire/ -- Michael Anthony


Jewelers, Inc. (AMEX: MAJ), a leading manufacturer and marketer of 14-karat gold jewelry, announced today that it placed $10 million of senior secured notes due 2002 at an interest rate of 8.61 percent with a group of six insurance companies. The proceeds will be used primarily for working capital purposes. The company has also terminated its revolving credit facility with National Westminster Bank USA.
 Michael Anthony Jewelers has entered into a new gold consignment arrangement with Mase Westpac Inc. and Mocatta Metals, Inc., and has expanded its gold facilities with existing gold consignors. The company's gold consignment facility increased 57,500 ounces to 172,500 ounces. The facility at $400 gold has a dollar value equivalent of $69 million.
 -0- 6/16/92
 /CONTACT: Allan Corn of Michael Anthony Jewelers, 914-699-0000, ext. 464/
 (MAJ) CO: Michael Anthony Jewelers, Inc. ST: New York IN: HOU SU:


GK-SM -- NY058 -- 0711 06/16/92 13:36 EDT
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Publication:PR Newswire
Date:Jun 16, 1992
Words:172
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