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GROW GROUP ANNOUNCES $40 MILLION LINE OF CREDIT AGREEMENT WITH GROUP OF BANKS; CHEMICAL BANK IS AGENT

 NEW YORK, April 2 /PRNewswire/ -- Grow Group, Inc. (NYSE: GRO) announced today that it has signed a $40 million line of credit agreement with Chemical Bank, Fleet Bank and PNC Bank, Kentucky, with Chemical Bank acting as agent. The revolving credit line has a three year term ending March 31, 1996, and will be used for general corporate purposes and to support letters of credit in connection with the company's insurance program.
 Mr. Russell Banks, president of Grow, commented, "We are very pleased with the credit facility agreement as it provides Grow with even more flexibility to carry out our growth strategy."
 Grow Group is a leading producer of specialty chemical coatings and paints and household products. Grow operations include manufacturing facilities, sales offices and licensees throughout the world.
 -0- 4/2/93
 /CONTACT: Jennifer R. Wall or Peter C. Harkins of D.F. King & Co., Inc., 212-269-5550, for Grow Group/
 (GRO)


CO: Grow Group, Inc. ST: New York IN: CHM SU: FNC

PS-WB -- NY028 -- 2483 04/02/93 11:42 EST
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Publication:PR Newswire
Date:Apr 2, 1993
Words:172
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