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GRANCARE REACHES AGREEMENT FOR NEW $50 MILLION CREDIT LINE

 CULVER CITY, Calif., Jan. 6 /PRNewswire/ -- GranCare Inc. (NYSE: GC) has negotiated and closed a new $50 million credit line with Citicorp and a syndicate of banks, it was announced today. The amount of the facility may be expanded in the future. The revolving line may convert, at the company's option, to a term loan and would extend up to seven years. Other specific terms were not disclosed.
 The company intends to use the funds for general corporate purposes, including potential acquisitions. A portion of the financing was used in the acquisition of CompuPharm Inc. completed last week.
 "We are pleased to have the support of Citicorp and others in this new credit facility and anticipate that the funds will be used as necessary to continue GranCare's growth," stated Gene E. Burleson, president and chief executive officer.
 GranCare operates 83 long-term health care facilities totaling more than 11,300 beds located in California, Michigan, Wisconsin, Colorado, Arizona, and South Dakota, and offers a broad range of specialty medical services.
 -0- 1/6/94
 /CONTACT: Gene Burleson of GranCare, 310-645-1555; or Craig Parsons of Pondel Parsons & Wilkinson, 310-207-9300/
 (GC)


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

JL-LS -- LA010 -- 9685 01/06/94 09:30 EST
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Publication:PR Newswire
Date:Jan 6, 1994
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