Continental Health Affiliates completes exchange offer; increases equity base.ENGLEWOOD CLIFFS, N.J.--(BUSINESS WIRE)--Oct. 8, 1996-- Continental Health Affiliates Inc. (OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. : CTHL) announced today that it has completed its recently announced exchange offer for its 14-1/8 percent Subordinated Debentures subordinated debenture An unsecured bond with a claim to assets that is subordinate to all existing and future debt. Thus, in the event that the issuer encounters financial difficulties and must be liquidated, all other claims must be satisfied before which expired on Oct. 4, 1996. Continental Health reported that 42 percent or $504,000 principal of the remaining $1.2 million 14-1/8 percent Subordinated Debentures had elected to exchange into Series A 11 percent Convertible Preferred Stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". . "We are very pleased that a significant number of debentures holders have expressed confidence in the company. The exchange will further strengthen our equity base, which was more than $2 million in June 30, 1996," Colin Neill, Continental Health's chief financial officer, commented. Continental Health is a leading integrated alternative health care provider. The company owns and operates seven long-term health care facilities and two retirement living communities, located in New Jersey, Pennsylvania and Florida, and owns a majority of the stock of Infu-Tech Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : INFU), a leading provider of infusion therapy and other medical products and services to patients in their homes and in long-term care facilities long-term care facility n. See skilled nursing facility. . CONTACT: Continental Health Affiliates, Englewood Cliffs S.C. Neill, 201/567-4600 or Porter, LeVay & Rose Inc., New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Michael Polyviou, 212/564-4700 |
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