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SUMMIT TAX EXEMPT BOND FUND, L.P. COMPLETES CLOSING OF CREDIT FACILITY

 NEW YORK, Jan. 22 /PRNewswire/ -- On Jan. 15, Summit Tax Exempt Bond Fund, L.P. (AMEX: SUA) successfully completed the closing of its $15,000,000 credit facility from U.S. West Financial Services, Inc.
 This facility was obtained to replace the existing $10,000,000 credit facility, to repay the $3,000,000 working capital loan and to fund future working capital needs as they arise. The initial draw was approximately $10.68 million. Further draws will be made to pay-off the $3 million working capital loan and, as necessary, for future working capital needs. The new loan requires interest only payments through its maturity on Jan. 15, 1998.
 The distribution for the fourth quarter 1992 which is payable on Feb. 15, 1993 was previously declared in December at $0.21 per BUC.
 -0- 1/22/93
 /CONTACT: Thomas Lynch of Prudential Securities, 212-214-6672/
 (SUA)


CO: Summit Tax Exempt Bond Fund, L.P. ST: New York IN: FIN SU:

LD-WB -- NY075 -- 8114 01/22/93 17:41 EST
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Publication:PR Newswire
Date:Jan 22, 1993
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