Day Runner Gets Financing for the Long Run

Financially troubled Day Runner Inc., a Fullerton maker of day planner products, said Wednesday that is has signed a definitive credit agreement with its lenders that will provide financing for the company through July 31, 2002.

The company said in a press release that obtaining long-term financing has been one of its major objectives and represents a major accomplishment toward completing its restructuring.

The refinancing allows it to continue operating its business normally and pursuing strategic alternatives.

The agreement converts $87.2 million due under the prior loan agreement into two loans and a convertible loan, which can be exchanged for stock at a later date. The agreement also provides for a revolving line of credit, currently $19.5 million, that periodically adjusts in amount.

Day Runner stock, which trades over the counter, closed unchanged Wednesday at 50 cents a share.