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BEARINGS ANNOUNCES AGREEMENT IN PRINCIPLE FOR LONG-TERM FINANCING

BEARINGS ANNOUNCES AGREEMENT IN PRINCIPLE FOR LONG-TERM FINANCING
    CLEVELAND, Sept. 30 /PRNewswire/ -- Bearings, Inc. (NYSE: BER) announced today that it reached an agreement in principle for direct placement of long-term financing with The Prudential Insurance Company of America.  The terms of the facility would permit Bearings, Inc. to replace a substantial portion of its existing short-term debt with potentially favorable long-term financing.  The company had short-term debt of $110 million at Sept. 30, 1992.
    The agreement in principle establishes a line of credit under which Bearings, Inc. may draw up to $80 million.  Prudential will purchase Senior Unsecured Term Notes issued by Bearings, Inc. under the facility. The notes will mature in 10 years with a moratorium on principal payments during the first three years.  Interest rates will be fixed based upon prevailing U.S. Treasury rates and market conditions at the time draws are made under the facility.  Consummation of the loan is subject to approval by the board of directors of both Bearings, Inc. and Prudential as well as negotiation of definitive documentation.
    Bearings, Inc. is the nation's leading independent distributor of bearings and power transmission components with more than 300 branches in 37 states.
    -0-             09/30/92
    CONTACT:  Raymond E. Smiley, vice president, treasurer & chief financial officer of Bearings, Inc., 216-881-2838, ext. 253
    (BER) CO:  BEARINGS, INC. IN:  MAC ST:  OH -- CL018 -- X602  09/30/92
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Publication:PR Newswire
Date:Sep 30, 1992
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