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UNI-MARTS, INC. REFINANCES LONG-TERM DEBT

 STATE COLLEGE, Pa., March 1 /PRNewswire/ -- Uni-Marts, Inc. (AMEX: UNI) today announced that it has refinanced a portion of its long-term debt. The company entered into a loan agreement with PNC Bank, National Association, Corestates Bank, N.A. and The Daiwa Bank, Ltd. providing for a loan of $21,500,000. The proceeds of the loan will be used to repurchase, prior to their maturity, $12,500,000 of its senior notes dated Aug. 28, 1989. The balance of $9,000,000 will be used to retire existing revolving term debt. The loan will amortize over six years and requires equal quarterly payments commencing in July 1993.
 In addition, the company established a $12,500,000 revolving credit facility with the same bank group. PNC Bank, National Association will serve as agent bank for both transactions.
 Henry D. Sahakian, president and chief executive officer of Uni-Marts, Inc., stated, "We are pleased about this new loan since it is expected to reduce the company's interest costs. It represents one of the strategic goals of strengthening our balance sheet."
 Uni-Marts, Inc. currently operates 446 convenience stores in Pennsylvania, Virginia, New York, New Jersey, Delaware and Maryland. Self-service gasoline is offered at 309 locations. The company also processes and distributes milk products through its dairy division and distributes home heating oil through its petroleum division.
 /delval/
 -0- 3/1/93
 /CONTACT: J. Kirk Gallaher, senior vice president and chief financial officer of Uni-Marts, 814-234-6000/
 (UNI)


CO: Uni-Marts, Inc. ST: Pennsylvania IN: REA SU:

CD-MJ -- PG009 -- 1363 03/01/93 11:18 EST
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Publication:PR Newswire
Date:Mar 1, 1993
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