SARNIA CORPORATION ANNOUNCES DEBT RESTRUCTURING

PR Newswire | January 25, 1996 | Copyright

SPRINGFIELD, Va., Jan. 25 /PRNewswire/ -- Sarnia Corporation announced today it has completed its debt restructuring on January 25, 1996. Sarnia's existing $12 million debt was restructured through a new $9 million First Trust placed with I.D.S. Life Insurance Company. The First Trust will be amortized over twenty-two years and balloon on seven years. The First Trust will carry a lower interest rate of 7.75 percent. Sarnia also obtained a Second Trust from its principal lender, The Riggs National Bank, in the amount of $500,000 which Sarnia expects to pay off within one ...

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