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SCOTTISH HERITABLE, INC. ENTERS INTO NEW BORROWING FACILITIES

 FAIRFAX, Va., Oct. 20 /PRNewswire/ -- Scottish Heritable, Inc. (NASDAQ: SHER) announced today that it has successfully entered into new facilities with CoreStates Bank, N.A., Philadelphia, Pa., to refinance its existing borrowing facilities, which were scheduled to mature on Nov. 30, 1993.
 The new facilities provide for a 5-year $8 million term loan and a two-year $6 million revolving credit, and will be secured by all of the company's assets. The term loan carries an interest rate of prime plus 1 percent and the revolving credit carries an interest rate of prime plus 3/4 percent. As a result of this refinancing, the existing indebtedness will be reflected in the company's financial statements as long-term debt for the period ended Sept. 30, 1993.
 Scottish Heritable, Inc. is a lime and limestone producer with headquarters in Fairfax, and operations in Arkansas, Pennsylvania and Texas.
 -0- 10/20/93
 /CONTACT: Timothy W. Byrne of Scottish Heritable, Inc., 703-207-9702/
 (SHER)


CO: Scottish Heritable, Inc. ST: Virginia IN: MNG SU: FNC

LD -- NY114 -- 4860 10/20/93 18:50 EDT
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Publication:PR Newswire
Date:Oct 20, 1993
Words:176
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