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ESTERLINE COMPLETES AGREEMENT FOR $40-MILLION LONG-TERM FINANCING; COMPANY REFINANCES PORTION OF OUTSTANDING DEBT

ESTERLINE COMPLETES AGREEMENT FOR $40-MILLION LONG-TERM FINANCING;
 COMPANY REFINANCES PORTION OF OUTSTANDING DEBT
 BELLEVUE, Wash., Aug. 12 /PRNewswire/ -- Esterline Technologies (NYSE: ESL) today reported that it has completed an agreement to refinance a portion of its debt through a private placement of $40 million in unsecured notes.
 The agreement is with two major insurance companies and provides Esterline with a fixed interest rate of 8.75 percent for 10 years with no principal payments until 1995. In addition, Esterline's current group of banks has agreed to modify existing loan covenants to substantially parallel provisions of the new long-term financing package. The company reported total debt of $98.1 million at the end of the second quarter (April 30).
 Wendell P. Hurlbut, Esterline's president and chief executive officer, said the new agreement "...functions to both extend our debt maturities and provide additional flexibility for future corporate financing requirements."
 Esterline is a leading manufacturer of automation equipment for the production of printed circuit boards and metal fabrication, instrumentation for quality control, power measurement and process control, and engineered products for the commercial aircraft, aerospace and defense industries.
 -0- 8/12/92
 /CONTACT: Brian D. Keogh of Esterline Technologies, 206-453-9400/
 (ESL) CO: Esterline Technologies ST: Washington IN: CPR SU: FNC


LM -- SE001 -- 9233 08/12/92 08:31 EDT
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Publication:PR Newswire
Date:Aug 12, 1992
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