ALTON, Ill. - Argosy Gaming Co. obtained a $100 million secured line of credit, with Bank of America Illinois acting as agent and lead manager.

Terms of the credit facility allow for a $20 million revolving line of credit to be used for working capital and general corporate purposes and another line to be used for expansion projects, Argosy said.

The $20 million revolver was available upon signing of the loan, and the $80 million expansion line is to be available upon the closing of the proposed acquisition of Argosy's joint venture partner in Baton Rouge, La., Argosy said.

Allowable borrowings under the expansion line increase to $80 million throughout 1995. Availability under the expansion line, however, decreases beginning Jan. 1, 1997.

The credit facility, which matures on Dec. 31, 1997, is secured by substantially all the assets of the company and its subsidiaries.

The credit facility is senior to the company's 12% convertible subordinated notes, due 2001, Argosy said.

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