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MAYFLOWER GROUP, INC. ANNOUNCES COMMITMENTS FOR LONG TERM FINANCING

 INDIANAPOLIS, March 30 /PRNewswire/ -- Mayflower Group, Inc. (NASDAQ: MAYF) today announced the efforts to replace its existing senior bank credit facilities have culminated in commitments from three lender groups to provide $175 million in new financing.
 Proceeds of the new facilities will be used to refinance existing term debt, finance future capital expenditures and serve as a source of working capital and letters of credit. According to Michael L. Smith, chairman, president and chief executive officer of the company, "Mayflower's new credit agreements will provide necessary long-term capital under terms that allow the company to redeploy a significant portion of operating cash flow for capital expenditures, acquisitions and other growth-related strategies."
 Mayflower Group, Inc. is a holding company that recently reported operating revenues of $654.7 million for 1992, a consolidation of revenues produced by two subsidiaries, Mayflower Transit, Inc., ("Transit") and Mayflower Contract Services, Inc. ("Contract Services"). Transit, headquartered in Carmel, Ind., is an international services company that provides specialized transportation, warehousing, distribution, and related logistics/management services involving household goods, electronic products, trade show exhibitry, and other products requiring specialized handling. Contract Services is a national passenger transportation services company headquartered in Overland Park, Kan. It provides student transportation and public transportation services pursuant to contracts with school corporations, municipalities, and other government or private entities throughout the United States.
 -0- 3/30/93
 /CONTACT: Michael L. Smith, chairman, president and chief executive officer of the Mayflower Group, Inc., 913-345-1986, or 317-875-1440/
 (MAYF)


CO: Mayflower Group, Inc. ST: Indiana IN: TRN SU: FNC

BM -- CL009 -- 1081 03/30/93 13:16 EST
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Publication:PR Newswire
Date:Mar 30, 1993
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