BASIC AMERICAN <BAMI> NOTE ISSUE CANCELED
Basic American Medical Inc said a
proposed 82 mln dlr note issue will not take place "at this
time."
    The company announced on Jan 5, 1987 that it received a
proposal from Irving Trust Co under which Irving would issue
its direct pay letter of credit for up to 83.5 mln dlrs to
secure the proposed note.
    Basic American also said it engaged the Health Care Capital
Market Groups of Thomson McKinnon Securities Inc to act as
investment banker in placement of its proposed notes. The
company said it will continue to pursue actively the proposed
note issue and will seek alternative financing in place of the
note issue.
 Reuter
