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BUFFTON ANNOUNCES REFINANCING OF BANK OF BOSTON DEBT WITH CONGRESS FINANCIAL

 BUFFTON ANNOUNCES REFINANCING OF BANK OF BOSTON DEBT
 WITH CONGRESS FINANCIAL
 FORT WORTH, Texas, March 3 /PRNewswire/ -- Robert H. McLean, chairman of the board and president of Buffton Corporation (AMEX: BFX), announced today that it has refinanced its Bank of Boston debt with Congress Financial Corporation.
 Congress Financial has provided a $10 million credit facility, consisting of a $7 million revolving line of credit and a $3 million term note. The loan, over a three-year period, provides for interest at 2-1/2 percent above the prime rate and is secured by the assets of the company and its subsidiaries.
 McLean stated, "We are very pleased to establish a new relationship with Congress Financial Corporation. Congress Financial has shown a sincere interest in the ongoing success and financial stability of our company. They have been a pleasure to work with in connection with our pay off of the Bank of Boston."
 McLean stated further, "This refinancing today marks the end of a very difficult two-year period with the Bank of Boston. During that period, a great deal of management time and energy has been devoted to our unstable relationship with the Bank of Boston. It will be a pleasure going forward to be able to direct our full attention to more positive pursuits."
 Buffton Corporation is a diversified group of companies engaged in the manufacture of electronic and plastic products.
 -0- 3/3/92
 /CONTACT: Robert Korman, vice president and chief financial officer of Buffton, 817-332-4761/
 (BFX) CO: Buffton Corporation; Congress Financial Corporation ST: Texas IN: FIN SU:


KD -- NY073 -- 4596 03/03/92 15:53 EST
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Publication:PR Newswire
Date:Mar 3, 1992
Words:266
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