Easco Corp. of Baltimore has begun a five-year expansion program centering on a major hand tool facility. The company estimates that the total program will cost between $15 and $18 million. Yesterday it announced it had purchased a 225,000-square-foot plant on 22 acres in North Carolina for its new facility.

In connection with the expansion, Easco is arranging a restructuring of its long-term debt. Major features of the restructuring include a new loan agreement related to its 8.45 per cent promissory notes due 1989 and a renegotiation of its revolving credit agreement.

The new loan agreement will increase the value of outsanding promissory notes from $16 million to $23 million. The newly borrowed interest carries an 3.3 per cent annual interest rate. When combined with current borrowing, the interest rate on the entire $23 million will total 8.65 per cent.

Easco will also reduce its revolving credit lines from $17 million to $10 million. The company said it has instead arranged for a $7 million ten-year bank loan at a fixed interest rate 8.6 per cent a year in order to take advantage of "the attractive prevailing interest rates."

The remaining $10 million in revolving credit will be available on a standby basis for three years and after that it will convert to a five-year term loan.