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ORANGE-CO, INC. ANNOUNCES MAJOR REFINANCING

 BARTOW, Fla., April 30 /PRNewswire/ -- Orange-co, Inc. (NYSE: OJ) announced a major refinancing of $39.6 million of debt including a $20 million line of credit and $19.6 million of term debt.
 The company has a commitment for the $20 million line of credit from Sun Bank, N.A. of Orlando, Fla., for the purpose of financing Orange-co's seasonal working capital needs. Sun Bank will replace Congress Financial Services Corporation of Miami. The line of credit will be on a two-year revolving term.
 Orange-co, Inc. also refinanced term debt of approximately $19.6 million including early termination fees of approximately $960,000. The termination fees will be charged against the company's second-quarter results. Of this term debt $12 million was placed with the Agribusiness Investment Group of John Hancock Mutual Life Insurance Company of Boston. The remaining $7.6 million was placed with Farm Credit of Southwest Florida, ACA.
 Commenting on the refinancing, Ben Hill Griffin III, chairman of the board and chief executive officer, said: "This refinancing represents a return of confidence in the company by the financial community. Orange-co, Inc. welcomes Sun Bank as a lead creditor and John Hancock's renewed support. With the addition of Farm Credit to our list of creditors, we feel we have a balanced approach to our current and future credit needs with people that understand our business. These new loans, at significantly reduced interest rates and extended terms of payment, reflect Orange-co's improved credit status. On behalf of the company, I wish to thank Sun Bank, John Hancock and Farm Credit for their confidence in the future of Orange-co, Inc. I also would like to express appreciation to Congress Financial and Washington Square Capital of Minneapolis, Minn., for their past support."
 -0- 4/30/93
 /CONTACT: Ben Hill Griffin III, chairman of the board and chief executive officer, Orange-co, Inc., 813-635-2251/
 (OJ)


CO: Orange-co, Inc.; Sun Bank, N.A. ST: Florida IN: FOD SU: RCN

SM -- DE024 -- 3447 04/30/93 17:27 EDT
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Publication:PR Newswire
Date:Apr 30, 1993
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