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QUIXOTE COMPLETES NEW $50 MILLION REFINANCING

 QUIXOTE COMPLETES NEW $50 MILLION REFINANCING
 CHICAGO, June 29 /PRNewswire/ -- Quixote Corporation (NASDAQ: QUIX)


today announced the completion of a new three-year $50 million revolving credit facility with The Northern Trust Bank, LaSalle National Bank and NBD Bank, N.A.
 The new credit facility replaces a $23 million secured senior term loan at Quixote's subsidiary, Disc Manufacturing, Inc., as well as the company's three existing one-year bank credit lines. The new credit facility is generally more favorable to the company than its prior bank arrangements as it is unsecured and removes restrictions on cash flow from Disc Manufacturing, Inc. to Quixote Corporation.
 "We are very pleased by the confidence shown in our company by its lenders," Philip E. Rollhaus, Jr., Quixote's president, said. "The new multi-year credit facility represents a substantial achievement in our corporate strategy to continually enhance the company's financial strength. One immediate and positive impact of the refinancing will be a strengthened balance sheet which offers additional and important flexibility in pursuing our growth plans."
 The company noted that the former one-year credit lines, which had been reflected on the balance sheet as a current liability, have now been replaced by the new credit line which is classified as long-term debt. In addition, the new credit facility is expected to reduce interest costs for Quixote.
 The company further noted that, as a result of the refinancing, the company will write off in the year ending June 30, 1992 bank costs of approximately $300,000 after tax which had been incurred in connection with the closing of the senior term loan at Disc Manufacturing and would otherwise have been amortized over the life of that loan. This adjustment will be reflected as an extraordinary item in the fourth quarter and year ended June 30, 1992.
 Quixote Corporation is a diversified technology company composed of Energy Absorption Systems, Inc., the world's leading manufacturer of a wide range of highway crash cushions; Stenograph Corporation, the world's leading manufacturer of shorthand machines and computer systems for the court reporting profession, as well as litigation support software for the legal profession; and Disc Manufacturing, Inc., one of the leading manufacturers of music compact discs (CDs) and CD-ROMs in the United States.
 -0- 6/29/92
 /CONTACT: June Filingeri or Robert Borchert of Morgen-Walke Associates, 212-986-5900, for Quixote/
 (QUIX) CO: Quixote Corporation ST: Illinois IN: SU: FNC


SH -- NY034 -- 4640 06/29/92 10:47 EDT
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Date:Jun 29, 1992
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