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SCOTTISH HERITABLE REACHES AGREEMENT WITH LENDERS

 SCOTTISH HERITABLE REACHES AGREEMENT WITH LENDERS
 FAIRFAX, Va., Jan. 17 /PRNewswire/ -- Scottish Heritable, Inc. (NASDAQ: SHER) announced today that it had reached agreement with its United Kingdom lenders regarding its outstanding indebtedness. The new agreement provides for a loan of $32.5 million, of which $28 million will be used to pay down existing debt; a further $2 million will be available for working capital and an additional $2.5 million will be available for interest and bank fees. The loan, which is to be secured by the company's plant facilities, is to mature in November 1993, provided the indebtedness has been reduced to $18 million by February 1993. The interest rate on the loan has been agreed at LIBOR plus 2-1/2 percent.
 The company is engaged in ongoing discussions with several parties who have expressed interest in purchasing one or more of its facilities or in pursuing an alternative strategy. The company is willing to discuss the sale of plant facilities or other strategic alternatives with responsible parties.
 Scottish Heritable, Inc. operates lime and limestone production facilities in Arkansas, Pennsylvania, Texas and Virginia. The Scottish Heritable Trust PLC, a York, England-based industrial holding company, owns 49.99 percent of the company's stock.
 -0- 1/17/92
 /CONTACT: Peter C. Timms of Scottish Heritable, 703-207-9702/
 (SHER) CO: Scottish Heritable, Inc. ST: Virginia IN: SU: FNC


JT -- NY038 -- 1002 01/17/92 12:48 EST
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Publication:PR Newswire
Date:Jan 17, 1992
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