Giant Cement Holding, Inc. Announces $30 Million Revolving Credit Facility

Business Wire, Dec 26, 1996

SUMMERVILLE, S.C.--(BUSINESS WIRE)--Dec. 26, 1996--Giant Cement Holding, Inc. (Nasdaq/NM:GCHI) today announced that it has entered into an agreement with SouthTrust Bank of Alabama, N.A. which provides the Company with a $30 million revolving credit facility. The facility is for a term of three years and provides an additional $2 million for letters of credit.

Terry Kinder, vice president and chief financial officer of Giant Cement Holding, Inc., said, "We are very pleased with the terms of the credit facility and look forward to our relationship with SouthTrust Bank. The management of SouthTrust Bank understands our business, and we are comfortable with their approach to lending.

"The terms of the facility are favorable to those of the Company's existing credit facilities, which will result in cost savings as well as provide the Company with greater flexibility. The facility will be utilized to refinance the majority of the Company's existing long- term debt as well as for working capital purposes."

Giant Cement Holding, Inc. owns Keystone Cement Company and Giant Cement Company which manufacture and sell portland and masonry cement products in the Middle-Atlantic and South-Atlantic regions of the United States.

CONTACT: Giant Cement Holding, Inc., Summerville

Terry L. Kinder, Chief Financial Officer, 803/851-9898