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MEDIQ COMPLETES OFFERING OF DEBENTURES EXCHANGEABLE FOR SHARES OF NUTRAMAX PRODUCTS, INC.

 PENNSAUKEN, N.J., July 23 /PRNewswire/ -- MEDIQ Incorporated (AMEX: MED) today announced that it sold $30 million of 7-1/2 percent subordinated debentures due 2003 exchangeable into shares of the common stock of NutraMax Products, Inc. (NASDAQ: NMPC) owned by MEDIQ.
 MEDIQ owns 4,037,058 shares of NutraMax common stock. The initial exchange rate is 65.3595 NutraMax shares per $1,000 principal amount of debentures. The managing underwriter of the offering was Dillon, Read & Co., Inc. The debentures (MED.N) are listed on the American Stock Exchange.
 MEDIQ will use the proceeds of the offering to repay senior indebtedness and for general corporate purposes. If the underwriter's over-allotment option is excercised in full, MEDIQ will sell an additional $4.5 million of debentures on the same terms.
 MEDIQ provides products and services to hospitals, home care providers, nursing homes and healthcare professionals. Its principal activities are the rental of critical care equipment and the provision of portable X-ray, nuclear imaging and ultrasound services.
 MEDIQ also owns approximately 42 percent of PCI Services, Inc. (NASDAQ: PCIS), a leading independent pharmaceutical packaging services firm. MEDIQ's common stock (MED), preferred stock (MED.pr) and convertible debentures (MED.C) trade on the American Stock Exchange.
 NutraMax is a leading manufacturer and marketer of private label health and personal care products, with its principal products consisting of disposable douches, disposable enemas, disposable baby bottle liners, pediatric electrolyte oral maintenance solution and ophthalmic products.
 /delval/
 -0- 7/23/93
 /CONTACT: Michael F. Sandler, senior vp-finance of MEDIQ, 609-665-9399/
 (MED NMPC)


CO: MEDIQ Incorporated; NutraMax Products, Inc. ST: New Jersey IN: HEA SU: OFR

MK-JM -- PH008 -- 5070 07/23/93 10:46 EDT
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Publication:PR Newswire
Date:Jul 23, 1993
Words:278
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