Printer Friendly

GERIATRIC & MEDICAL CENTERS ANNOUNCES COMPLETION OF AN $8.3 MILLION BOND OFFERING

 GERIATRIC & MEDICAL CENTERS ANNOUNCES COMPLETION
 OF AN $8.3 MILLION BOND OFFERING
 PHILADELPHIA, June 5 /PRNewswire/ -- Geriatric & Medical Centers, Inc. (NASDAQ: GEMC) today announced the completion of an $8.3 million bond offering managed by J.C. Bradford & Co. The mortgage backed tax free bonds bear interest at 9 percent per year with a 30-year amortization and a seven-year balloon.
 Daniel Veloric, chairman and president, said, "This transaction enabled the company to repay approximately $5.8 million in debt and other fees associated with this financing and add approximately $2.5 million of working capital." He noted, "With the successful completion within the past two months of approximately $98 million of financings, the company has accomplished its goal of replacing its bank group debt by May 31, 1992."
 Looking ahead, Veloric commented, "While the company will have extraordinary charges resulting from the refinancings, the refinancings will allow management to focus its full attention on continuing operations and new growth areas."
 Geriatric & Medical Centers, Inc. and its Pharmaceutical, Home Care Services and Long-Term Care Management and Development Group is a leading provider of health care products and services to hospitals, HMOs, physician groups and long-term care facilities in the mid-Atlantic region.
 -0- 6/5/92
 /CONTACT: Barry J. Klein, CFO of Geriatric & Medical Centers, 215-748-8975, 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


CK-TS -- NY017 -- 7375 06/05/92 10:14 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 5, 1992
Words:246
Previous Article:MK SELECTED FOR OPERATIONS AND MAINTENANCE CONTRACT AT IBM FACILITIES IN SAN JOSE, CALIF.; WINS EXXON SITE OPERATIONS JOB
Next Article:SAN JUAN BASIN ROYALTY TRUST FILES SUIT AGAINST MERIDIAN OIL AND SOUTHLAND ROYALTY COMPANY
Topics:


Related Articles
GERIATRIC & MEDICAL CENTERS REPORTS YEAR END CHARGE RELATED TO ITS $86.7 MILLION FINANCING
GERIATRIC & MEDICAL CENTERS DENIES ALLEGATIONS
GERIATRIC & MEDICAL CENTERS ANNOUNCES CLASS ACTION LAWSUIT
GERIATRIC & MEDICAL CENTERS COMPLETES TENDER OFFER AND REMARKETS $2.85 MILLION TAX EXEMPT BOND ISSUE
GERIATRIC & MEDICAL COMPANIES, INC. TRANSFERS MANAGEMENT RESPONSIBILITIES OF THE COBBS CREEK NURSING CENTER
GERIATRIC & MEDICAL COMPANIES, INC. ANNOUNCES THE OPENING OF A DISTRIBUTION CENTER AND A SIXTY BED LONG-TERM CARE ADDITION
GRANCARE ANNOUNCES AGREEMENT TO ACQUIRE CONTRACT MANAGEMENT FIRM
Multicare Reports Strong 1996 Results
Holyoke Mental Health Care Program Agrees to Pay $608,000 to Settle Federal Claims for False Billings
Fort Worth Takes Lead in Alzheimer's Research

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters