EAC INDUSTRIES <EAC> ENTERS NEW LOAN AGREEMENT
EAC Industries Inc said it entered a new
loan and security agreement with its banks, raising sufficient
funds to completely retire its existing bank debt.
    It said the loan agreement provides for up to 30 mln dlrs
of borrowing power.
    After repayment of existing bank debt and providing for
certain letters of credit, 4.3 mln dlrs remains for future
needs, the company said.
    EAC said the new lending arrangement will allow it to focus
attention on improving the company's basic business. It added
that it anticipates the fiscal year that began Feb 1, 1987,
will be a "significant improvement" over the year ended January
31.
    It said the loans mature in March 1990.
 Reuter
