Printer Friendly

MHI GROUP SETS $15.5 MILLION LOAN AGREEMENT WITH FIRST FLORIDA BANK

 MHI GROUP SETS $15.5 MILLION LOAN AGREEMENT WITH FIRST FLORIDA BANK
 TALLAHASSEE, Fla., May 20 /PRNewswire/ -- MHI Group, Inc. (NYSE: MH), owner and operator of five funeral homes and four cemeteries in Florida, today announced it has received a commitment from the First Florida Bank for a $15.5 million, eight-year revolving credit/term agreement at an initial rate of 1/2 percent above prime.
 The credit facility earmarks $9 million for acquisitions and $6.5 million for general purposes including refinancing of existing debt at terms more favorable to MHI. The commitment to fund these loans is conditioned on MHI completing the previously announced $12 million preferred stock sale to Stewart Enterprises, Inc. (NASDAQ: STEI).
 "Our continuing strong operating results and substantially improved financial resources will permit us to execute our aggressive growth program, starting with the pending acquisition of Arlington Memorial Park Cemetery in Atlanta," Fred O. Drake Jr., chairman and chief executive officer of MHI, said.
 -0- 5/20/92
 /CONTACT: Fred O. Drake of MHI Group, 904-385-8883/
 (MH STEI) CO: MHI Group, Inc. ST: Florida IN: SU:


TQ-SH -- NY016 -- 2198 05/20/92 09:08 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 20, 1992
Words:191
Previous Article:PRC OFFERING POSTPONED
Next Article:INTECHNICA AND BROWARD COUNTY SCHOOLS INTRODUCE NEW CD-ROM; 'I SPEAK ENGLISH' FOR HAITIAN-KREOL ESL STUDENTS
Topics:


Related Articles
MHI GROUP REPORTS RECORD SECOND QUARTER, SIX MONTHS RESULTS; EARNINGS RISE 554 PERCENT FOR SECOND QUARTER, 264 PERCENT FOR HALF YEAR
MHI SIGNS LETTER OF INTENT TO SELL $12 MILLION PREFERRED STOCK
MHI GROUP REPORTS PRELIMINARY RECORD RESULTS FOR FOURTH QUARTER/YEAR END
MHI GROUP GETS ONE YEAR LOAN EXTENSION; ACQUISITION AND EQUITY FINANCING DISCUSSIONS TERMINATED
MHI REPORTS FIRST QUARTER EARNINGS, REVENUE GAINS
MHI GROUP SETS $26 MILLION SENIOR DEBT AND ACQUISITION FACILITY
MHI GROUP BUYS THREE CENTRAL FLORIDA FUNERAL HOMES
MHI REPORTS RECORD SECOND QUARTER/HALF-YEAR RESULTS
MHI GROUP SIGNS LETTER OF INTENT FOR TWO FUNERAL HOMES AND CREMATORY IN PENSACOLA, FLA.
MHI NAMES MELANIE PACE DIRECTOR OF TRUST FUND INVESTMENTS

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters