IMC Mortgage Co. said it had reached an agreement for a $33 million standby revolving credit facility with Greenwich Street Capital Partners 2d, that will give it time to seek a buyer.

The company said last week that the facility was available to provide working capital for up to 90 days, during which time the company intends "to explore financial and strategic alternatives including the possible sale of the company."

The terms of the new facility result in substantial dilution of existing common stockholders' equity, the company said.

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