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INCSTAR PREPAYS $7.5 MILLION OF 11.4 PERCENT FIXED RATE DEBT

 INCSTAR PREPAYS $7.5 MILLION OF 11.4 PERCENT FIXED RATE DEBT
 STILLWATER, Minn., Dec. 30 /PRNewswire/ -- INCSTAR Corporation (ASEX: ISR) today reported that it has retired $7.5 million of 11.4 percent fixed rate secured notes due in 1999, and has borrowed the same amount from its affiliate, FIAT Finance USA, Inc., under significantly more favorable terms. The new note will have a term of five years and the interest rate during the first year will be fixed at 5.7 percent. John J. Booth, vice president of finance and administration, said that the new financing should significantly reduce INCSTAR's interest costs over the next five years. "In 1992 alone our interest rate will go down 5.7 percent on $7.5 million, which is a saving of more than $400,000. In the fourth quarter of 1991, however, we will have a one-time after-tax extraordinary charge to earnings of approximately $500,000, or three cents per share, representing the prepayment premium and write-off of previously incurred debt issuance costs associated with the 11.4 percent notes."
 INCSTAR is a Minnesota-based manufacturer and distributor of high quality immunodiagnostic products for health care professionals and manufacturers. The company is an affiliate of the Italian-based Fiat Group (NYSE:FIA).
 -0- 12/30/91
 /CONTACT: Jack Falker of Swenson Falker Eilertson, 612-371-0000, for INCSTAR or John Booth of INCSTAR, 612-779-1700/
 (ISR) (FIA) CO: INCSTAR Corporation, Fiat Group ST: Minnesota IN: MTC SU:


AL -- MN001 -- 2806 12/30/91 10:11 EST
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Publication:PR Newswire
Date:Dec 30, 1991
Words:250
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