SUN'S REAL ESTATE DEBT RENEGOTIATED
SUN'S REAL ESTATE DEBT RENEGOTIATED PHILADELPHIA, May 15 /PRNewswire/ -- Sun Company, Inc.
(NYSE: SUN) said today that its real estate subsidiary, Radnor Corporation, has successfully closed an agreement with its 14 primary lending banks to extend the maturities of approximately $600 million of debt by up to five years.
While the full terms of the agreement are not being disclosed, Sun said it will provide Radnor Corp. an additional line of credit of up to $100 million as part of the agreement. Sun will also convert an existing $40 million intercompany line of credit, including $20 million already advanced, into an equity contribution in Radnor. Sun announced last October that it intended to exit the real estate business on a controlled disposition basis. Sun Company is an energy company with interests in U.S. and Canadian petroleum refining and marketing, U.S. coal and coke production, synthetic crude oil production in Canada, and crude oil and natural gas exploration and production outside the United States. Branded marketing is carried out under the Sunoco brand in the United States and Canada and also under the Atlantic brand in the United States. Sun Company trades on the New York Stock Exchange and other stock exchanges with the symbol "SUN." /delval/ -0- /CONTACT: Bud Davis, (media), 215-977-3485, or Tim Hughes, (investors) 215-977-6544, both of Sun Company/ (SUN) CO: Sun Company Incorporated ST: Pennsylvania IN: OIL SU:
MP -- PH007 -- 1175 05/18/92 09:36 EDT
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|Date:||May 18, 1992|
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