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HOSPITAL STAFFING SERVICES COMPLETES AGREEMENT FOR NEW $15 MILLION CREDIT FACILITY

 FORT LAUDERDALE, Fla., Aug. 26 /PRNewswire/ -- Hospital Staffing Services, Inc. (NYSE: HSS) today announced that it has completed a definitive agreement with New York City-based Congress Financial Corporation for a three-year $15 million secured revolving credit facility, bearing an interest rate of prime plus 2 percent. The new credit facility replaces the company's term loan with NationsBank, which was set to mature on Sept. 5, 1993. The transition to the new credit facility will be completed prior to the end of August 1993. The new credit facility will be jointly administrated by Congress Financial's New York City and Miami offices.
 "The signing of this new credit agreement clearly puts into the past the difficulties created by the company's fiscal year end Nov. 30, 1992 non-compliance with certain of its former credit facility's financial covenants," commented Ronald A. Cass, chairman of Hospital Staffing Services. "We can now move forward with substantially fewer encumbrances, backed by a credit facility that will more than adequately meet our needs for the foreseeable future. This will ultimately allow us to be more aggressive in promoting growth in the proprietary segment of our home care business."
 Hospital Staffing Services, Inc. is a leading professional home health care services and recruitment organization. The company specializes in the provision of nursing services to patients at home and in health care institutions through a national network of home health care offices, and in the placement of medical personnel, on a temporary and interim basis, in hospitals and other health care facilities located throughout the United States, the United Kingdom and the Virgin Islands.
 -0- 8/26/93
 /CONTACT: Mary Fanizzi of Hospital Staffing Services, Inc., 305-771-0500; or Barry A. Rothman of Greenstone Roberts Public Relations, 305-975-3500, for Hospital Staffing Services, Inc./
 (HSS)


CO: Hospital Staffing Services, Inc.; Congress Financial Corporation ST: Florida, New York IN: HEA SU:

RC-SS -- FL002 -- 6037 08/26/93 09:23 EDT
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Publication:PR Newswire
Date:Aug 26, 1993
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