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Nu-Med of Encino Agrees to Buy Hospital in England

December 10, 1985

Nu-Med, an Encino-based hospital chain, has signed a final agreement to acquire a 72-bed general care hospital in Wimbledon, England, for an undisclosed amount of cash.

Parkside Hospital, which was built two years ago, will be Nu-Med's second hospital in Britain. In July, the company purchased Holly House Hospital, a 60-bed general care facility near London.

Nu-Med operates 15 other general care hospitals in the United States with a total of 1,594 beds. The company also owns three psychiatric hospitals, with 281 beds, all of which were purchased this year.

In another announcement last week, the company said it has increased its bank revolving line of credit to $120 million, under more favorable borrowing costs, from the existing line of $50 million. Manufacturers Hanover Trust of New York will continue as lead bank for the company's consortium of lenders.

Before the acquisition of Parkside Hospital, Nu-Med said it had used $37 million of the credit line and had designated another $20 million for letters of credit to be used in conjunction with the issuance of industrial revenue bonds for construction of pending psychiatric hospital projects. The balance of the credit line, the company said, "will be available for further expansion in the psychiatric hospital field, other acquisitions and for general corporate purposes."

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