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BETHLEHEM STEEL ANNOUNCES $500 MILLION CREDIT AGREEMENT

 BETHLEHEM, Pa., Dec. 30 /PRNewswire/ -- Bethlehem Steel Corporation announced today that it has signed a four-year, non-reducing $500 million secured revolving credit facility with a group of 19 domestic and international banks.
 Morgan Guaranty Trust Company is the agent for the facility, with Chemical Bank and Long-Term Credit Bank of Japan, Ltd., as co-lead managers. The facility, with initial commitments of $400 million, replaces the 1987 and 1990 credit agreements.
 The 1987 credit agreement had been stepping down at the rate of about $31 million per quarter and on Dec. 15, 1992, was reduced to $375 million. The 1990 credit agreement had stepped down from $100 million to $75 million in September 1992 and was scheduled to expire in September 1993.
 Gary L. Millenbruch, executive vice president and chief financial officer of Bethlehem, said: "This credit facility, along with common stock issue that we completed in August of this year, are key components in our comprehensive plan for helping to ensure that Bethlehem has the financial flexibility and resources for returning to sustained profitability.
 "We are pleased with this new facility, and we appreciated the support provided by our bank group. This is a significant and positive development for Bethlehem, especially in the current challenging syndication environment for banks," he said.
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 -0- 12/30/92
 /CONTACT: H.H. Von Spreckelsen, manager, corporate communications of Bethlehem Steel, 215-694-3711/
 (BS)


CO: Bethlehem Steel Corporation ST: Pennsylvania IN: MNG SU:

MJ-CC -- PH010 -- 0589 12/30/92 11:29 EST
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Publication:PR Newswire
Date:Dec 30, 1992
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