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GERIATRIC & MEDICAL CENTERS ANNOUNCES THE COMPLETION OF AN $86 MILLION DEBT RESTRUCTURING

 GERIATRIC & MEDICAL CENTERS ANNOUNCES THE COMPLETION
 OF AN $86 MILLION DEBT RESTRUCTURING
 PHILADELPHIA, April 27 /PRNewswire/ -- Geriatric & Medical Centers, Inc. (NASDAQ: GEMC), announced today the completion of an approximately $86 million credit facility with Meditrust Mortgage Investments, Inc.
 With approximately $72 million of such facility, the company provided for the payment in full, 18 months ahead of schedule, of all of its obligations to its bank group, which was approximately $55 million, and refinanced certain other outstanding long-term indebtedness; and with approximately $14 million to be used to provide for various capital improvements, additions to certain of its nursing homes and for working capital.
 Daniel Veloric, chairman of the board and president, stated: "The debt restructuring will strengthen our overall financial condition and will convert a substantial portion of our short-term obligations into 11.5 percent ten-year debt with a 25-year amortization."
 Veloric further stated, "The company is currently negotiating to secure other working capital lines of credit to support the growth of its service companies, but there is no assurance that a transaction will be completed. However, the replacement of the bank group debt with long-term financing should facilitate the company's efforts in obtaining additional sources of funding."
 Geriatric & Medical Centers, Inc., is a leading provider of home health care services, as well as a supplier of health care management and support services to hospitals, HMOs, physician groups and long-term care facilities in the Mid-Atlantic region.
 -0- 4/27/92
 /CONTACT: Barry J. Klein 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: RCN


GK-TQ -- NY090 -- 3258 04/27/92 14:11 EDT
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Publication:PR Newswire
Date:Apr 27, 1992
Words:282
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