ELKIN, N.C. -- Brendle's Inc. said it has concluded a $56.9 million bank loan agreement that will allow it to change its discount-catalogue strategy and become a specialty jewelry, gift, and leisure-products retailer in five southeastern states.

The financing includes a $44 million revolving credit line through April 30, 1993, and a $12.98 million term loan expiring Dec. 31, 1993. Lenders were three North Carolina banks - First Union, NationsBank, and First Citizens.

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