Moro Corporation has obtained a $12,000,000 revolving working capital financing and $1,500,000 term loan arrangement with a major international lending institution. The new financing replaces one with another lending institution. The interest rate on the working capital financing is 30 day LIBOR plus 225 basis points which translates into a current interest rate of 2.40%; the interest rate for the term loan is slightly higher.

The new financing is greater in amount and has more flexible collateral requirements than previous lending arrangements. The new financing will be used to finance existing and expected increases in working capital needs including possible acquisitions.