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NOVACARE'S SALE OF $175 MILLION OF CONVERTIBLE DEBENTURES DECLARED EFFECTIVE

 VALLEY FORGE, Pa., Jan. 13 /PRNewswire/ -- NovaCare, Inc. (NYSE: NOV) announced today that its registration statement for the sale of $175 million of 5-1/2 percent convertible subordinated debentures due 2000, priced at par, has been declared effective by the Securities and Exchange Commission.
 The company also has given a group of underwriters managed by Smith Barney, Harris Upham & Co. Incorporated and Alex. Brown & Sons Incorporated an overallotment option, whereby they can purchase and resell up to an additional $26.25 million of debentures.
 The debentures are convertible into shares of the company's common stock at a conversion price of $26.65 per share.
 Net proceeds to the company will be used for general corporate purposes and to acquire contract services and orthotic and prosthetic services companies, rehabilitation hospitals and, potentially, other rehabilitation businesses.
 Copies of the final prospectus relating to these securities may be obtained by contacting Smith Barney, Harris Upham & Co. Incorporated, 1345 Avenue of the Americas, New York, N.Y., 10105.
 NovaCare, Inc. is a leading national provider of comprehensive medical rehabilitation services. These services include: physical and occupational therapy and speech language pathology provided under contract to over 1,800 long-term care facilities throughout the United States; inpatient care provided principally through seven freestanding acute rehabilitation hospitals; and orthotic and prosthetic services provided through 105 patient care centers in 23 states.
 -0- 1/13/93
 /CONTACT: Susan J. Campbell, director of investor relations of NovaCare, 215-650-0841, or Anthony J. Russo Ph.D., of Noonan/Russo Communications, 212-979-9180, for NovaCare/
 (NOV)


CO: NovaCare, Inc. ST: Pennsylvania IN: MTC SU:

LD-CK -- NY005 -- 4338 01/13/93 08:30 EST
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Publication:PR Newswire
Date:Jan 13, 1993
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