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MIDSOUTH COMPLETES DEBT RESTRUCTURING, ACQUIRES 468 BOXCARS

 MIDSOUTH COMPLETES DEBT RESTRUCTURING, ACQUIRES 468 BOXCARS
 JACKSON, Miss., Oct. 14 /PRNewswire/ -- MidSouth Corporation (NASDAQ: MSRR) today announced that it had restructured $32.3 million of bank debt to lengthen its amortization schedule. The company reached agreement with the Bank of Boston, Deposit Guaranty National Bank, First Union National Bank of North Carolina, and Hibernia National Bank to provide for a three-year grace period on principal repayment and to extend the loan until the year 2000.
 As a result of the restructuring, the company's cash needs to repay long-term debt through the grace period ending September 1995 have been reduced by $16.9 million.
 "We are pleased that our banks have extended our amortization schedule to give us the ability to capitalize on attractive business opportunities," MidSouth Chairman Mark M. Levin said. "We are also pleased the first Union National Bank of North Carolina has joined our banking group."
 MidSouth also announced that it has completed the acquisition of 468 50-foot Plate C boxcars from Union Tank Car Company. The boxcars will be integrated into MidSouth's fleet over the next two years as they are refitted with single sliding doors. The boxcars were built in 1980 and are in excellent condition.
 The acquisition of the freight cars was fully financed for 12 years through agreements with Bank of Tokyo Leasing and NationsBanc Leasing.
 "In doing this, MidSouth has assured itself of a boxcar fleet in a period of shrinking supply." Mr. Levin said. "We are privileged to have Bank of Tokyo and NationsBanc as long-term lenders to our company."
 MidSouth is a railroad holding company that provides freight transportation over 1,200 miles of track in the southeastern United States through its four operating subsidiaries: MidSouth Rail Corporation, MidLouisiana Rail Corporation, SouthRail Corporation and TennRail Corporation.
 As previously announced, MidSouth entered into a merger agreement with Kansas City Southern Industries, Inc. (KCSI) providing for the acquisition of MidSouth by KCSI. The merger is conditioned upon, among other things, approval by the Interstate Commerce Commission, with both companies are currently seeking.
 -0- 10/14/92
 /CONTACT: John A. Scotto of MidSouth Corporation, 601-949-4366./
 (MSRR) CO: MidSouth Corporation ST: Mississippi IN: TRN SU: RCN


LR-EE -- NY079 -- 0024 10/14/92 15:50 EDT
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Publication:PR Newswire
Date:Oct 14, 1992
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