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GALEY & LORD ANNOUNCES COMPLETION OF BANK REFINANCING

 GALEY & LORD ANNOUNCES COMPLETION OF BANK REFINANCING
 NEW YORK, June 4 /PRNewswire/ -- Galey & Lord, Inc. (NASDAQ: GANL)


announced today that it has refinanced its existing bank term loan and revolving line of credit. The new agreements completed with The CIT Group/Business Credit, Inc. and The Bank of New York Commercial Corporation provide for a five-year revolving line of credit of up to $63,000,000 and a five-year term loan of $36,500,000. The refinancing reduces the Company's interest cost on its term loan from prime rate plus 1 1/2 percent to prime rate plus 1/2 percent and on its revolving line of credit from prime rate plus 1 percent to prime rate plus 1/2 percent.
 The Company recently completed an initial public offering of 2,900,000 shares of common stock at $10.00 per share. In conjunction with that offering, the Company retired all of its 14 percent Senior Subordinated Notes and all of its Senior Preferred Stock.
 -0- 6/4/92
 /CONTACT: Arthur Wiener, Galey & Lord, Inc., 212-465-3000/
 (GANL) CO: Galey & Lord; CIT Group/Business Credit, Inc.; The Bank of
 New York Commercial Corporation ST: North Carolina, New York IN: TEX FIN SU:


DF -- CH004 -- 6893 06/04/92 09:01 EDT
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Publication:PR Newswire
Date:Jun 4, 1992
Words:210
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