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SERVICE MERCHANDISE ANNOUNCES THE EXTENSION OF SENIOR CREDIT FACILITIES

 SERVICE MERCHANDISE ANNOUNCES THE EXTENSION
 OF SENIOR CREDIT FACILITIES
 NASHVILLE, Tenn., May 21 /PRNewswire/ -- Service Merchandise Company, Inc. (NYSE: SME) announced today that it had completed the extension of its senior credit facilities effected through the amendment and restatement of the Company's existing Credit Agreement dated July 24, 1989. The principal changes to the Agreement include the extension of the $475 million Revolving Credit facility from Dec. 31, 1992 to Dec. 31, 1995 and the extension of the maturity of the $192 million Term Loan from Dec. 31, 1994 to Dec. 31, 1995. The Term Loan scheduled amortization is $35.0 million in both Dec. 1992 and 1993, $60.0 million in December 1994 and $62.0 million in December 1995. All amounts are subject to prepayment at the Company's option. Chemical Bank acted as agent for placing the financing with financial institutions.
 Raymond Zimmerman, Chairman, President and CEO of Service Merchandise, said, "The extension of the credit facilities will provide the Company with on-going working capital financing and additional operating flexibility. Our bank lenders have recognized the strong operating performance of the Company and we have benefited from their continued support."
 Service Merchandise Company, Inc., America's Leading Jeweler and the nation's largest catalog showroom chain, operates 364 catalog stores in 36 states.
 -0- 5/21/92
 /CONTACT: S.P. Braud, Vice President, Treasurer, Chief Financial Officer, Service Merchandise Company, Inc., 615-660-3300/
 (SME) CO: Service Merchandise Company, Inc. ST: Tennessee IN: REA SU:


JZ -- CH005 -- 2894 05/21/92 13:32 EDT
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Publication:PR Newswire
Date:May 21, 1992
Words:252
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