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IMO SIGNS DEFINITIVE CREDIT FACILITY AGREEMENT

 LAWRENCEVILLE, N.J., July 15 /PRNewswire/ -- Imo Industries Inc. (NYSE: IMD) announced today that the company and its senior lenders have signed the definitive documentation for Imo's restructured credit facility.
 Terms and conditions of the new facility are as embodied in the agreement in principle announced in May.
 Imo's auditors, Ernst & Young, are expected shortly to reissue their report on the company's 1992 financial statements, reflecting the resolution of the financial uncertainty they had noted.
 The revolving credit portion of the restructured facility provides approximately $65 million of availability for Imo's U.S. operations to cover working capital and letters of credit to support its commercial contracts. Approximately $11 million of such letters of credit has been issued since the May agreement in principle was reached.
 The restructured credit facility extends through March 31, 1995, for borrowings, and provisions are included for letters of credit outstanding at that time to continue through March 31, 1996.
 Imo, with 1992 sales of $928 million, supplies analytical and optical instruments, electronic and mechanical controls, engineered power products and their support services to industrial and defense customers worldwide.
 /delval/
 -0- 7/15/93
 /CONTACT: Paul B. Lazovick, director of Investor Relations of Imo Industries, 609-896-7615/
 (IMD)


CO: Imo Industries Inc. ST: New Jersey IN: SU:

MK -- PH039 -- 2144 07/15/93 15:53 EDT
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Publication:PR Newswire
Date:Jul 15, 1993
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