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HARTMARX CORP. MATURITY OF BANK LOAN AGREEMENTS

 HARTMARX CORP. MATURITY OF BANK LOAN AGREEMENTS
 CHICAGO, June 26 /PRNewswire/ -- Hartmarx Corp. (NYSE: HMX) today


announced it has extended the maturity of its bank loan agreements to Sept. 30, 1993.
 The new bank loan agreements, effective on or before June 25, 1992, provide for borrowings of up to $234 million, $196 million under a revolving credit facility with 12 banks plus $38 million in term loans. These agreements replace the company's $207 million multi-option bank credit facility that was scheduled to expire on Nov. 30, 1992, and $40 million of bank term loans scheduled to mature in October 1992 and January 1993. At June 25, $190 million was borrowed under these agreements and $44 million of additional borrowings were available. Effective Dec. 31, 1992, the agreements provide for borrowings up to $207 million, $173 million under the revolver and $34 million in term loans. The company also announced that it has extended the maturity of its $60 million accounts receivable sale agreement to Sept. 30, 1993, under which $52 million of receivables are presently sold.
 The Tangible Net Worth covenant in its new bank loan agreements, the receivable sale agreement and loan guarantee related to its employee stock ownership plan (ESOP) have been conformed to provide for minimum Tangible Net Worth, as defined, of $275 million. Previously, certain of the company's loan agreements required minimum Tangible Net Worth of $300 million. At Feb. 29, 1992, Tangible Net Worth was $307 million.
 The agreements require lenders' consent for the company to purchase its stock or pay dividends on common stock prior to Oct. 1, 1993. In addition, the ESOP loan guaranty was reduced from $13 million to $12 million and the holder of the loan may advance its maturity to Sept. 30, 1993, or on 13 months notice thereafter.
 Harvey A. Weinberg, chairman and chief executive officer of Hartmarx, stated, "At May 31, 1992, the company's total debt was $263 million, $30 million lower than a year ago. The company's wholesale businesses continue to be profitable in this difficult economic period. However, sales in its retail businesses remain very sluggish. Consolidated sales for the second quarter ended May 31 are anticipated to be approximately 7 percent below last year. We expect to announce second quarter results in July."
 Hartmarx, headquartered in Chicago, is the nation's leading manufacturer and retailer of quality men's and women's apparel.
 -0- 6/26/92
 /CONTACT: Frank Brenner of Hartmarx, 312-372-6300/
 (HMX) CO: Hartmarx Corp. ST: Illinois IN: TEX SU:


AH -- NY055 -- 4289 06/26/92 14:39 EDT
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Publication:PR Newswire
Date:Jun 26, 1992
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