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HALLMARK HEALTHCARE CORPORATION ANNOUNCES CASH TENDER OFFER FOR A PORTION OF ITS 14-1/2 PERCENT SUBORDINATED DEBENTURES DUE NOV. 1, 1997

HALLMARK HEALTHCARE CORPORATION ANNOUNCES CASH TENDER OFFER FOR A PORTION OF ITS 14-1/2 PERCENT SUBORDINATED DEBENTURES DUE NOV. 1, 1997
 ATLANTA, Sept. 24 /PRNewswire/ -- Hallmark Healthcare Corporation (HMHC) today announced a cash tender offer (the "offer") for its 14-1/2 percent Subordinated Debentures Due Nov. 1, 1997 (the "Debentures").
 Under the offer, Hallmark will repurchase that amount of its Debentures which may be purchased with a maximum of $800,000 at purchase prices not less than $800 nor in excess of $1,000 per $1,000 principal amount of Debentures.
 The price that the company will pay for each Debenture properly tendered (not less than $800 nor in excess of $1,000 per $1,000 principal amount of Debentures) will be determined by a "dutch auction" procedure. Under such procedure, the company will first accept those Debentures tendered at the lowest individual price specified by tendering debentureholders, then accept those Debentures tendered at the next lowest individual price specified by tendering debentureholders, and so on until the company has expended $800,000 for such purchases or until all Debentures properly tendered pursuant to the offer are accepted. Tenders of Debentures pursuant to the offer will be irrevocable until, and may be accepted by the company at any time prior to, 5 p.m., Atlanta time, on Oct. 28, 1992, or such later time and date (not later than Nov. 13, 1992) to which the company may extend the offer.
 Neither Hallmark nor its board of directors makes any recommendation to holders of the Debentures as to whether they should tender their Debentures or if the debentureholders elect to tender, the principal amount of Debentures which should be tendered or the price at which Debentures should be tendered.
 The Hallmark Tender Offer is made only by the Offer to Purchase and the related Letter of Transmittal, copies of which are being mailed to holders of the Debentures. The Depositary for the offer is Bank South, N.A., Atlanta.
 Hallmark Healthcare Corporation is an Atlanta-based corporation which provides healthcare services to communities through ownership or management of general acute care hospitals and related healthcare services. The company operates 18 hospital facilities in nine states.
 -0- 9/24/92
 /CONTACT: Robert M. Thornton Jr., executive vice president and chief financial officer of Hallmark Healthcare, 404-933-5500/ CO: Hallmark Healthcare Corporation ST: Georgia IN: HEA SU:


EA-BR -- AT001 -- 2933 09/24/92 08:32 EDT
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Publication:PR Newswire
Date:Sep 24, 1992
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