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APS COMPLETES REFINANCING

 HOUSTON, Nov. 15 /PRNewswire/ -- APS Holding Corporation (NASDAQ: APSI) announced today that it has completed a refinancing of substantially all of the Company's previously existing debt. The Company said that it redeemed its debt securities and repaid its borrowings under a working capital facility, using proceeds of its initial public offering, completed in September 1993, and borrowings under a new bank credit agreement entered into concurrently with the public offering.
 Mark D. Hoffman, President and Chief Executive Officer, said: "The successful completion of our refinancing substantially reduces the Company's leverage and expected future interest expense, which combined with the new agreement's less restrictive conditions, will give us increased flexibility to pursue our expansion plans and other growth opportunities."
 APS is a nationwide distributor of a broad array of nationally recognized Big A(R) brand and manufacturers' branded automotive replacement parts, as well as tools, equipment, supplies and accessories. The Company operates a network of 24 distribution centers that supply over 1,325 Big A(R) affiliated auto parts stores and over 115 Company-owned Big A(R) auto parts stores. The Company's Big A(R) Program is one of the nation's largest automotive parts distribution programs. The Company also operates over 50 Installers' Service Warehouses ("ISWs"), which are low cost, high volume mini-warehouses commonly located in metropolitan areas not serviced by the Company's associated jobbers.
 -0- 11/12/93
 /CONTACT: William J. Jenks, Thomas C. Franco of Broadgate Consultants, Inc., 212-229-2222/
 (APSI)


CO: APS Holding Corporation ST: Texas IN: REA SU: FNC

LG -- NY039 -- 4223 11/15/93 08:52 EST
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Publication:PR Newswire
Date:Nov 15, 1993
Words:260
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