ElderTrust Announces $12.2 Million Loan Repayment Proceeds Applied Against Bank Credit Facility.Business Editors KENNETT SQUARE, Pa.--(BUSINESS WIRE)--Dec 21, 2001 ElderTrust (NYSE NYSE See: New York Stock Exchange :ETT ETT Empresa de Trabajo Temporal (Spain) ETT European Transactions on Telecommunications ETT Exercise Treadmill Test ETT Embedded Training Team ETT Exercise Tolerance Test (cardiology) ; the "Company"), an equity healthcare REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). , announced today that it has been repaid the mortgage loan receivables owed to it by Genesis Health Ventures, 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 :GHVEV.OB; "Genesis"). Repayment proceeds of approximately $12.2 million were received, all of which were used to reduce the Company's Bank Credit Facility balance outstanding to approximately $8.2 million. "As we have stated in the past, repaying the Bank Credit Facility in full is our primary goal and this is a major step in that direction." said D. Lee McCreary, Jr., ElderTrust's President and Chief Executive Officer. "As a final note let me take this opportunity to wish all of our stakeholders Stakeholders All parties that have an interest, financial or otherwise, in a firm-stockholders, creditors, bondholders, employees, customers, management, the community, and the government. the happiest of holidays." ElderTrust is a real estate investment trust that invests in real estate properties used in the healthcare services industry, principally along the East Coast of the United States The "Eastern Seaboard," or "Atlantic Seaboard" are terms referring to the easternmost coastal states in the United States. They touch the Atlantic Ocean and stretch up to Canada. . Since commencing operations in January 1998, the Company has acquired direct and indirect interests in 32 properties. Certain matters discussed within this press release may be deemed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Although ElderTrust believes the expectations reflected in such forward-looking statements are reasonable assumptions, it can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from ElderTrust's expectations include the extent to which Genesis continues to make lease payments to the Company, the Company's ability to further extend or refinance its Bank Credit Facility when it matures in August 2002, real estate conditions, changes in the economic conditions and other risks detailed from time to time in the Company's SEC reports and filings. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events. For more information on ElderTrust visit ElderTrust's Web site at www.eldertrust.com |
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