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Line Of Credit

BUSINESS
By Peter H. Frank | December 19, 1990
Thanks to a last-minute sale of assets, MNC Financial Inc. temporarily skirted its own sort of credit crunch yesterday as the giant banking company paid off investors holding $170 million in debt and extended its line of credit with a syndicate of lenders.The completion of the two deals averted defaults on both the notes and the credit facility, which could have forced MNC to immediately repay the entire $550 million owed to a group of banks led by Morgan Guaranty Trust Co.MNC, parent of Maryland National Bank and American Security Bank in Washington, said it paid some of its outstanding debt with the $275 million it received from the 11th-hour completion of the sale of its equipment-leasing division to General Electric Capital Corp.
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NEWS
By Ross Hetrick and Ross Hetrick,Evening Sun Staff | December 18, 1990
MNC Financial Inc. today announced that it has renegotiated a crucial line of credit with a syndicate of banks headed by Morgan Guaranty Trust Co. of New York.Under the new terms, the Baltimore bank holding company must repay $375 million on that line of credit on Jan. 14, an MNC spokesman said.MNC, the parent company of Maryland National Bank, repaid the bank syndicate $175 million on its debt today.To come up with the cash, MNC said, it closed the sale of its Leasing Division to General Electric Capital Corp.
BUSINESS
By Ross Hetrick and Ross Hetrick,Evening Sun Staff | December 17, 1990
MNC Financial Inc., the parent company of Maryland National Bank, announced today that it is continuing negotiations with its syndicate of banks, headed by Morgan Guaranty Trust Co., on the terms of a $750 million credit line.The announcement comes two days after a Dec. 14 deadline that had been set to come up with a new arrangement. No new deadline has been released by MNC. Morgan officials were not available for comment.MNC needs the line of credit from Morgan to continue to pay its bills and to meet debt obligations that are coming due soon.
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