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E&B MARINE INC. RECEIVES EXTENSION OF REVOLVING CREDIT FACILITY

 EDISON, N.J., April 13 /PRNewswire/ -- E&B Marine Inc. announced today that it has received an extension of the company's $7 million revolving credit facility to Dec. 31, 1995. In addition, its banks and institutional lenders have agreed to reschedule principal payments from Dec. 31, 1993, to semiannual principal payments through Dec. 31, 1995, and to amend certain financial covenants.
 Kenneth G. Peskin, the company's chairman and chief executive officer, said: "The credit extension further enhances E&B's ability to meet its identifiable working-capital requirements through year end 1995. These working-capital requirements include capital expenditures for store relocations, remodelings and new stores to better serve our expanding customer base."
 In the first quarter of 1993, the company opened its Miami store in Cutler Ridge. The Providence, R.I., store was relocated to Seekonk, Mass. Additionally, major renovations were completed in five stores.
 E&B Marine Inc. is one of the nation's largest direct-mail merchandisers and specialty retailers of marine supplies and accessories. E&B has 46 retail outlets and operates in 13 states.
 -0- 4/13/93
 /CONTACT: Walfrido Martinez, senior vice president and chief financial officer of E&B Marine Inc., 908-819-7400/
 (EBMI)


CO: E&B Marine Inc. ST: New Jersey IN: REA SU:

AH-OS -- NY079 -- 5387 04/13/93 16:37 EDT
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Publication:PR Newswire
Date:Apr 13, 1993
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