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ROYAL APPLIANCE COMPLETES BANK FINANCING

 ROYAL APPLIANCE COMPLETES BANK FINANCING
 CLEVELAND, July 30 /PRNewswire/ -- Michael Merriman, vice president


- finance, of Royal Appliance Mfg. Co. (NYSE: RAM) today announced that it has completed the agreements relating to its increase in its unsecured revolving line of credit from $60 million to $120 million. The monies will be used to meet the company's working capital requirements and to fund the company's previously announced stock repurchase program. National City Bank and The First National Bank of Chicago serve as co-agents of the lending banks.
 On a separate note, Royal announced that it has received notices of several lawsuits recently filed against the company and several officers and directors. The lawsuits, which purport to be class actions, allege, among other things, the company engaged in misrepresentation of its projected results for 1992. John Balch, chairman, president and chief executive officer, said, "We have reviewed the lawsuits and believe they are without merit. The company intends to vigorously contest the claims."
 -0- 7/30/92
 /CONTACT: Michael J. Merriman, vice president - finance; or Richard G. Vasek, controller, 216-449-6150 both of Royal Appliance Mfg. Co./
 (RAM) CO: Royal Appliance Mfg. Co. ST: Ohio IN: MAC SU: ACC


DA -- CL004 -- 4942 07/30/92 09:05 EDT
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Publication:PR Newswire
Date:Jul 30, 1992
Words:204
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