NEW YORK -- USLife Corp. said it completed financing arrangements with a banking syndicate led by the Bank of New York for a two-year revolving credit facility.

USLife said the agreement gives it a variety of borrowing options, interest savings, and financing flexibility as it redeems 7.75% notes due April 1, 1994, and repays $ 100 million in term bank indebtedness at maturity this month.

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