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CCX AGREES WITH CHEMICAL BANK TO REVISIONS OF TERM LOAN AGREEMENT

 CCX AGREES WITH CHEMICAL BANK TO REVISIONS OF TERM LOAN AGREEMENT
 CHARLOTTE, N.C., July 1 /PRNewswire/ -- Effective June 30, 1992, CCX, Inc. (NYSE: CCX) has agreed with Chemical Bank of New York to revisions to its Term Loan Agreement under a new 15 month amendment and waiver agreement. The new agreement runs through Sept. 30, 1993 and provides for the following:
 -- Deferral to June 30, 1995 of all principal payments due in the
 fiscal year ending June 30, 1993.
 -- Replacement of the Sept. 30, 1993 principal payment of $850,000
 with a June 1, 1993 payment of $1,000,000.
 -- Expanded capital spending allowance.
 -- Conversion of the existing $10,300,000 demand notes to a
 revolving credit line facility for the 15 month period.
 -- Deferral of all subordinated debenture interest for the period
 until June 30, 1995.
 Chemical Bank has also agreed to the expansion of the revolving line of credit facility by $1,000,000 during certain seasonal periods.
 Richard A. Rinaldi, President and Chief Executive Officer of CCX, Inc., stated that he was very pleased with the agreement and was appreciative of Chemical Bank's support in providing a firm foundation upon which to build the Company.
 The continuing operations of the Company consist of the Screening and Fiberglass Building Products Division. This division markets its products as Hanover Wire Cloth and CCX Fiberglass and is engaged in the manufacturing and sale of aluminum and fiberglass insect screening as well as fiberglass mesh building products used in roofing tapes, concrete wallboard reinforcement and external insulation facing systems (EIFS). The Company is reporting its Braeburn Steel operations as a discontinued operation and in fiscal 1992, CCX will record a profit and positive cash flow from this unit. The Company is traded on the New York and Pacific Coast Stock Exchanges.
 -0- 7/1/92
 /CONTACT: Nancy F. Sedan, Assistant Corporate Secretary, CCX, Inc., 704-365-0560
 (CCX) CO: CCX, Inc. ST: North Carolina IN: CST SU: FNC


CM -- CH005 -- 5622 07/01/92 11:02 EDT
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Publication:PR Newswire
Date:Jul 1, 1992
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