Printer Friendly

DRS COMPLETES REFINANCING OF CREDIT FACILITY OF SUBSIDIARY

 NEW YORK, April 16 /PRNewswire/ -- DRS Industries, Inc. (NASDAQ: DRSS) announced today that it has completed the refinancing of the existing credit facility of its subsidiary, Mandel-Kahn Industries, Inc. ("MKI"), with Texas Commerce Bank ("TCB").
 Under the terms of the refinancing, TCB has provided a new $6 million revolving credit facility through June 1994 and a $2.5 million loan payable through June 1994. In connection with the bank agreement, DRS will contribute $1.25 million in new capital to MKI which will increase DRS' total investment to approximately $4.4 million. To date, $1.0 million of the DRS obligation has been funded; the remainder will be funded by April 30, 1993.
 Bill Wootton, president of MKI, said, "With MKI's new financing package, we feel confident that we will reach our goal to become the premier general merchandise distributor in the Southwest."
 -0- 4/16/93
 /CONTACT: John A. Selzer of DRS, 212-980-9670/
 (DRSS)


CO: DRS Industries, Inc.; Mandel-Kahn Industries, Inc. ST: New York IN: SU:

GK-AH -- NY023 -- 6661 04/16/93 10:21 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 16, 1993
Words:176
Previous Article:ALPHA 1 BIOMEDICALS, INC. ANNOUNCES PUBLICATION OF PRICE APPROVAL OF THYMOSIN ALPHA 1 IN ITALY
Next Article:NORTHERN TRUST CORP. REPORTS RECORD 1993 FIRST QUARTER EARNINGS
Topics:


Related Articles
ROADMASTER COMPLETES REFINANCING; SECURITY PACIFIC LED GROUP PROVIDES TOTAL LOAN FACILITY OF $74 MILLION
ROADMASTER COMPLETES REFINANCING; SECURITY PACIFIC LED GROUP PROVIDES TOTAL LOAN FACILITY OF $74 MILLION
GM AND GMAC FINALIZE AGREEMENTS FOR 6 SYNDICATED BANK CREDIT FACILITIES
DRS INDUSTRIES SUBSIDIARY, GENERAL TEXTILES, COMPLETES REORGANIZATION
DRS TO COMPLETE REORGANIZATION OF GENERAL TEXTILES
COASTAL NATURAL GAS COMPLETES $750 MILLION CREDIT AGREEMENT
MARGARETTEN FINANCIAL CORPORATION COMPLETES REFINANCING OF BANK CREDIT FACILITIES
WAXMAN INDUSTRIES, INC. ANNOUNCES SUCCESSFUL COMPLETION OF DEBT REFINANCING
TECO Energy Announces Agreement to Sell Additional Interest in Synfuel Operation, Refinancing of San Jose Power Station.
MONDI PLC - Mondi Swiecie S.A. Completes Refinancing.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters