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CV REIT SIGNS $10 MILLION SECURED BANK LOAN COMMITMENT; COMPANY TO OFFER TRANSFERABLE STOCK SUBSCRIPTION RIGHTS

 WEST PALM BEACH, Fla., May 3 /PRNewswire/ -- CV Reit (NYSE: CVI) today announced that it has entered into an agreement for a commitment for a $10 million secured loan from a financial institution. The commitment is subject to a 60-day due diligence period and certain other conditions.
 The company also announced it plans to offer transferable subscription rights to its stockholders to purchase additional shares of the company's common stock.
 "The funds projected to be available from the loan would be sufficient for the company to retire the $14.8 million balance of its 9-1/4 percent senior subordinated debentures on the Nov. 1, 1993 due date," Alvin Wilensky, president and chief executive officer, said.
 "Any funds received from a rights offering would allow the company to take advantage of investment opportunities, or to retire the debentures if the proposed loan is not funded in a timely manner," he said.
 -0- 5/3/93
 /CONTACT: Alvin Wilensky of CV Reit, Inc., 407-640-3155/
 (CVI)


CO: CV REIT, Inc. ST: Florida IN: SU:

TS-OS -- NY080 -- 3903 05/03/93 15:09 EDT
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Publication:PR Newswire
Date:May 3, 1993
Words:180
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