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BLACK & DECKER ANNOUNCES PLAN TO REFINANCE BANK DEBT

 BLACK & DECKER ANNOUNCES PLAN TO REFINANCE BANK DEBT
 TOWSON, Md., Oct. 26 /PRNewswire/ -- The Black & Decker Corporation (NYSE: BDK) today announced it has accepted commitments from a syndicate of lenders for a five-year, unsecured revolving credit facility of up to $2.3 billion.
 Credit Suisse, Chemical Bank, and The Bank of Nova Scotia are the managing agents for the refinancing.
 Initial borrowings under the new facility will be used to repay amounts outstanding under the corporation's existing credit facility, which was used to finance the acquisition of Emhart Corporation in 1989, and to repay certain other borrowings. Under the terms of the proposed facility, no principal payments will be required until the termination of the facility.
 The proposed transaction is subject to the negotiation and execution of a definitive credit agreement. If it is consummated, the corporation will be required to recognize a one-time, non-cash charge for financial reporting purposes equal to the unamortized portion of the fees and expenses previously
paid in connection with the existing credit facility. The unamortized portion is expected to be approximately $20 million.
 Commenting on the announcement, Nolan D. Archibald, chairman and chief executive officer, stated, "We are very pleased with this new banking facility. Although we have benefited throughout the year from lower interest expense, the facility will further reduce our borrowing costs and enhance our capital structure. The bank commitments provide for borrowings at an effective maximum rate of LIBOR plus .75 percent. This will reduce our effective borrowing cost by approximately 25 basis points and will reduce our amortization of bank fees. We estimate that the combined savings for 1993 will be approximately $10 million. The new agreement will provide for additional rate reductions as our capital structure improves. It also will give us considerably more flexibility to operate our businesses."
 Black & Decker is a global marketer and manufacturer of quality products used in and around the home and for commercial applications and a major supplier of information systems and services to government and commercial clients.
 /delval/
 -0- 10/26/92
 /CONTACT: Barbara B. Lucas, v.p.-public affairs, 410-716-2980, or Michael J. Allan, director-investor relations, 410-716-3979, both of Black & Decker/
 (BDK) CO: Black & Decker Corporation ST: Maryland IN: HOU SU: RCN


LJ-MP -- PH035 -- 4968 10/26/92 15:29 EST
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Date:Oct 26, 1992
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