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MAYFLOWER GROUP, INC. ANNOUNCES LONG TERM FINANCING

 INDIANAPOLIS, June 2 /PRNewswire/ -- Mayflower Group, Inc. (NASDAQ: MAYF) announced that it has successfully refinanced its senior bank credit facilities with $175 million of new financing. The new facilities were made available to the company on May 28, 1993, and were used to refinance existing term debt and will finance future capital expenditures and serve as a source of working capital and letters of credit.
 Term debt arranged through Prudential Insurance Company retired substantially all the debt of the company. The favorable amortization of the new term debt coupled with surplus cash at closing will provide in excess of $40 million in the next 12 months for expansion of both operations of the company.
 LaSalle National Bank has also made available a $25 million facility to fund capital expenditures for Mayflower Contract Services over the next two years.
 A group of banks, led by Bank One, Indianapolis, N.A., have made a $70 million working capital facility available over the next two years which accommodates growth in the two highly seasonal operations of the company.
 Mayflower Group, Inc. is a holding company that conducts its business entirely through its two operating 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- 6/2/93
 /CONTACT: Michael L. Smith, chairman, president and chief executive officer of Mayflower Group, Inc., 317-875-1440/
 (MAYF)


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

AR -- CL022 -- 4672 06/02/93 18:13 EDT
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Publication:PR Newswire
Date:Jun 2, 1993
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