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BEARINGS, INC. ANNOUNCES AGREEMENT FOR LONG-TERM FINANCING

 BEARINGS, INC. ANNOUNCES AGREEMENT FOR LONG-TERM FINANCING
 CLEVELAND, Nov. 3 /PRNewswire/ -- Bearings, Inc. (NYSE: BER) announced today that a definitive agreement was executed effective Oct. 31, 1992 with The Prudential Insurance Company of America relative to long-term financing. Bearings, Inc. previously reported on Sept. 30 that it had reached an agreement in principle with Prudential subject to negotiation of definitive documentation.
 The agreement provides Bearings, Inc. with the right to draw up to $80 million at any time through Dec. 24, 1992 upon issuance of Senior Unsecured Term Notes. Interest rates will be fixed based on prevailing seven-year U.S. Treasury notes and market conditions at the time the draws are made. Proceeds drawn under the facility will be used to reduce the company's short-term indebtedness which was $105 million at Oct. 31, 1992.
 Chairman and Chief Executive Officer John C. Dannemiller commented on the new agreement, "This loan facility allows us to take advantage of historically low, long-term rates and provides further strength and stability to our capital structure by replacing a substantial portion of our short-term debt."
 Bearings, Inc. is the nation's leading independent distributor of bearings and power transmission components with more than 300 branches in 37 states.
 -0- 11/3/92
 /CONTACT: John Whitten, vice president, finance & treasurer of Bearing, Inc., 216-881-2838, ext. 245/
 (BER) CO: Bearings, Inc. ST: Ohio IN: MAC SU: FNC


KK -- CL005 -- 1957 11/03/92 09:47 EST
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Publication:PR Newswire
Date:Nov 3, 1992
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