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ABBEY HEALTHCARE GROUP INC. ANNOUNCES PLACEMENT OF CONVERTIBLE SUBORDINATED DEBENTURES

 COSTA MESA, Calif., Nov. 25 ~PRNewswire~ -- Abbey Healthcare Group Inc. (NASDAQ: ABBY) announced today that it has arranged for placement of $75 million of 6.5 percent convertible subordinated debentures due 2002 at par. The debentures will be convertible into shares of common stock at a price of $19.55. The company has also granted to the managers of the offering an over-allotment option to place an additional $11.25 million principal amount of debentures. County NatWest Securites Ltd. acted as lead manager in connection with the placement. The debentures will not be registered under the Securities Act of 1933 and, subject to certain exceptions, may not be offered in the United States or to U.S. persons. Closing is scheduled for Dec. 3, 1992.
 Timothy M. Aitken, president and chief executive officer of Abbey, said that the proceeds will be used to purchase approximately 1.1 million shares of the company's common stock at $10.50 per share from NWE Capital Corp. (formally VenTech Healthcare Corp. Inc.) and certain subsidiaries of NWE Capital Corp., and to pay down existing senior debt. The balance of the proceeds will be added to working capital.
 Abbey Healthcare Group Inc. is one of the largest national providers of home health care services and products. The company provides a broad range of respiratory therapy services, home medical and rehabilitation equipment and infusion therapy services. Abbey's integrated branch office system consists of 157 branches located in 37 states reaching approximately 70 percent of the U.S. population. Through its majority-owned subsidiary, Abbey Pharmaceutical Services Inc. ("APS"), the company also provides pharmaceutical and infusion therapy services and specialized products to long-term care facilities in 25 states. Abbey is the successor to an equipment rental business that began supplying medical equipment in the 1930s.
 These securities have not been registered under the United States Securities Act of 1933. Accordingly, subject to exceptions, these securities may not be offered or sold directly or indirectly in the United States of America, its territories or possessions, or to any person who is a citizen, national or resident thereof or to others for offering or resale in the United States or to any such person.
 -0- 11~25~92
 ~CONTACT: Dick Rapp of Abbey Healthcare, 714-957-2000; or Bill Coffin of Financial Relations Board, 818-783-2400, for Abbey Healthcare~
 (ABBY)


CO: Abbey Healthcare Group Inc. ST: California IN: HEA SU:

LS-JB -- LA005 -- 1410 11~25~92 09:33 EST
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Publication:PR Newswire
Date:Nov 25, 1992
Words:406
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