Amadeusz Juskowiak

Advance circuits advc gets loan agreement

Advance Circuits Inc said it has signed a 9500000 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 2500000 The interst rate on the loans is 275 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 29800 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 125000 shares of Class C preferred stock which is convertible into 375000 shares of common