ADVANCE CIRCUITS <ADVC> GETS LOAN AGREEMENT
Advance Circuits Inc said it
has signed a 9,500,000 dlrs borrowing agreement with Washington
Square Capital Inc.
    The new loan consists of a revolving credit facility of
seven mln dlrs based on accounts receivable and a term loan of
2,500,000. The interst rate on the loans is 2.75 pct over the
prime rate, with future rate reductions scheduled if certain
income levels are achieved.
    It said the entire loan is due March 1990, with monthly
payments of 29,800 due on the term loan.
    The money was used to completely repay its debt to First
National Bank of St. Paul. It would not say how much that was.
The bank took a discount on its gross amount and accepted
125,000 shares of Class C preferred stock which is convertible
into 375,000 shares of common.
 Reuter
