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JACOBSON'S SECURES LONG-TERM FINANCING

 JACKSON, Mich., Dec. 2 ~PRNewswire~ -- Jacobson Stores Inc. (NASDAQ-NMS: JCBS) today announced that it has executed a 10-year Term Loan Agreement with Comerica Bank, as agent, and NBD Bank, N.A. which provides for borrowings of up to $40 million on an unsecured basis. Proceeds will be used to replace $10 million of 10-percent Subordinated Debentures redeemed earlier this year and to support start-up working capital requirements for new stores. The company borrowed $20 million under this facility on Nov. 20.
 In a related transaction, Jacobson's wholly owned finance subsidiary increased its unsecured line of credit under an existing three-year Revolving Credit Agreement with the same two banks (Comerica Bank, as agent) from $31 million to $35 million.
 -0- 12~2~92
 ~CONTACT: Paul W. Gilbert, executive vice president and chief financial officer, Jacobson Stores, 517-764-6400~
 (JCBS)


CO: Jacobson Stores Inc. ST: Michigan IN: REA SU: FNC

ML -- DE002 -- 2748 12~02~92 08:31 EST
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Publication:PR Newswire
Date:Nov 30, 1992
Words:156
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