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GERIATRIC & MEDICAL CENTERS COMPLETES TENDER OFFER AND REMARKETS $2.85 MILLION TAX EXEMPT BOND ISSUE

 PHILADELPHIA, Jan. 19 /PRNewswire/ -- Geriatric & Medical Centers, Inc. (NASDAQ: GEMC) reported completion of a $2.85 million tax-exempt bond issue, with interest in 9 percent, due July 1, 1999.
 Daniel Veloric, chairman of the board and president, stated, "As previously reported, the company offered to purchase for cash up to $4,165,000 of outstanding industrial development bonds. As of Dec. 1, 1992, the expiration date of the tender offer, the company received $3,050,000 of bonds. Approximately $2.85 million of the issue was remarketed. The balance of approximately $1.35 million can be called in August of 1993 and remarketed under certain terms and conditions."
 Mr. Veloric commented on the company's refinancing activity: "The additional working capital obtained from this transaction is part of an overall program begun when the company repaid all debt associated with bank loans with an $86 million, 10-year mortgage, secured by nine long- term care facilities. The release of security held by the bank group is now available to further restructure the company's balance sheet and provide the unencumbered support service companies with working capital. While there is no assurance of completion, the company is negotiating with lenders to obtain other financings and additional credit facilities for future growth."
 Geriatric & Medical Centers, Inc.'s GeriMed Services and United Health Care Services Groups are leading providers of health care products and services to hospitals, HMO's, physician groups and long- term care facilities.
 -0- 1/19/93
 /CONTACT: James J. O'Malley, chief financial officer of Geriatric & Medical Centers Inc., 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

LR-PS -- NY023 -- 6206 01/19/93 10:08 EST
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Publication:PR Newswire
Date:Jan 19, 1993
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