Printer Friendly

GRANCARE COMPLETES DEBENTURES OFFERING

 CULVER CITY, Calif., Jan. 22 /PRNewswire/ -- GranCare Inc. (NASDAQ: GRNC) announced today that its registration statement with respect to an offering of $60,000,000 aggregate principal amount of 6 1/2 percent convertible subordinated debentures due 2003 has been declared effective by the Securities and Exchange Commission. The company anticipates closing the offering on Jan. 29, 1993.
 The debentures are convertible into GranCare common stock at any time prior to redemption or final maturity, at a conversion price of $27.145 per share, subject to adjustment upon the occurrence of certain events.
 GranCare will use the proceeds from the offering to repay certain indebtedness and for general corporate purposes, including the further expansion of specialty medical services, the development of joint ventures and potential acquisitions.
 GranCare operates 84 long-term health care facilities located in California, Wisconsin, Colorado, Arizona, South Dakota and Michigan as well as four institutional pharmacies. The company reported revenues of $175 million and net income of $3.8 million for the year ended Dec. 31, 1991, and revenues of $201.1 million and net income of $6.6 million for the nine months ended Sept. 30, 1992.
 -0- 1/22/93
 /CONTACT: Gene E. Burleson or Catherine I. Greany of GranCare, 310-645-1555; or Craig A. Parsons or Kim P. Feazle of Pondel Parsons & Wilkinson, 310-207-9300, for GranCare/
 (GRNC)


CO: GranCare Inc. ST: California IN: HEA SU:

EH -- LA009 -- 7825 01/22/93 10:15 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 22, 1993
Words:239
Previous Article:CORTECH STARTS PHASE II SIRS/SEPSIS STUDY
Next Article:TENNANT NAMED ONE OF 100 BEST
Topics:


Related Articles
GRANCARE ANNOUNCES PROPOSED OFFERING
GRANCARE REPORTS HIGHER SECOND QUARTER REVENUES, EARNINGS
GRANCARE COMPLETES MICHIGAN FACILITIES ACQUISITION; EXPANDS BASE BY 25 PERCENT
GRANCARE COMPLETES WISCONSIN ACQUISITIONS
GRANCARE TO ACQUIRE COMPUPHARM, A MAJOR INSTITUTIONAL PHARMACY WITH ANNUAL REVENUES EXCEEDING $70 MILLION
GRANCARE ANNOUNCES $100 MILLION SENIOR SUBORDINATED NOTES
GRANCARE, INC.: INDIANA OPERATIONS
GRANCARE ANNOUNCES STOCK PURCHASE PROGRAM
GranCare Announces $300 Million Credit Facility in Connection with Pending Merger

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters