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GERIATRIC & MEDICAL CENTER EXTENDS A TENDER OFFER FOR APPROXIMATELY $4.2 MILLION OF BONDS

 GERIATRIC & MEDICAL CENTER EXTENDS A TENDER OFFER FOR
 APPROXIMATELY $4.2 MILLION OF BONDS
 PHILADELPHIA, Nov. 2 /PRNewswire/ -- Geriatric & Medical Centers, Inc. (NASDAQ: GEMC) extended until Dec. 1, 1992, a tender offer, which was originally due to expire on Oct. 30, 1992, to holders of its Lancaster County and Montgomery County tax free bonds totaling approximately $4.2 million. These bonds are enhanced by a cash collateralized letter of credit and are callable at par in August 1993. As of Oct. 30, 1992, approximately $2.1 million of bonds have been tendered for purchase.
 Daniel Veloric, chairman of the board and president of the company stated, "The bond holders are to be paid a premium as an incentive to tender the bonds before the callable date so that the company may reduce its financing costs."
 Mr. Veloric noted, "The company is planning to remarket these bonds under certain terms and conditions by August 1993, subject to market conditions and compliance with existing terms and requirements. If successful, the company could have available additional working capital of approximately $4.2 million."
 Geriatric & Medical Centers, Inc. is a leading provider of health care products and services to hospitals, HMO's, physician groups and long-term care facilities in the mid-Atlantic region.
 -0- 11/2/92
 /CONTACT: James J. O'Malley, chief financial officer of Geriatric & Medical Centers, 215-748-8852, or Stan Froelich of Cameron Associates, 212-644-9560, for Geriatric & Medical Centers/
 (GEMC) CO: Geriatric & Medical Centers, Inc. ST: Pennsylvania IN: HEA SU: OFR


SM-PS -- NY036 -- 1521 11/02/92 10:49 EST
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Publication:PR Newswire
Date:Nov 2, 1992
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