Manor Care plans to redeem $125 million in senior notes

November 12, 1992|By Bloomberg Business News

SILVER SPRING -- Manor Care Inc. said it plans an early redemption of $125 million of 11.375 percent senior subordinated notes due in 1998.

The notes may be redeemed after Jan. 15 at 102.5 percent of their principal amount, plus accrued interest to the redemption date.

Manor Care intends to pay for the redemption by offering $125 million of senior subordinated notes in a public offering to be managed by Dillon, Read & Co. Inc. and Kidder, Peabody & Co.

Manor Care operates 167 long-term health care facilities with a total of 22,839 beds in 28 states.

The company's lodging segment manages or franchises about 2,859 hotels with more than 263,500 guest rooms.

The hotel franchises are marketed in 30 countries under the brand names Quality, Comfort, Clarion, Sleep, Rodeway, Econo Lodge and Friendship inns.

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