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NOVA CORP.'S CHEMICAL SUBSIDIARY ARRANGES $520 MILLION CREDIT FACILITY

    CALGARY, Alberta, Sept. 15 /PRNewswire/ -- NOVA Corp. of Alberta announced today that Novacor Chemicals Ltd., a wholly owned subsidiary, has arranged a $520 million credit facility with the six largest Canadian chartered banks.
    A portion of the facility will be utilized to consolidate existing non cost-of-service debt obligations of Novacor Chemicals Ltd. and its subsidiaries.  The balance will be available to Novacor to fund future operating and growth capital requirements.
    "The establishment of this credit facility shows the banks' support for the improvements in Novacor's financial position and the opportunities available for chemicals in the future," said John Feick, president and chief operating officer of Novacor.
    -0-             09/15/93
    CONTACT:  John Feick, president and COO of Novacor Chemicals Ltd., 403-290-8902; Rick Milner, senior VP and Treasurer, 403-290-7788; or Paul Clark, director, Public Affairs, 403-290-7603
    (NVA.) CO:  NOVA CORP. OF ALBERTA; NOVACOR CHEMICALS LTD. IN:  OIL SU:  FNC ST:


-- LA022 -- X207 09/15/93
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Publication:PR Newswire
Date:Sep 15, 1993
Words:154
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