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HILLHAVEN ANNOUNCES OFFERING OF $65,000,000 CONVERTIBLE SUBORDINATED DEBENTURES

 HILLHAVEN ANNOUNCES OFFERING
 OF $65,000,000 CONVERTIBLE SUBORDINATED DEBENTURES
 TACOMA, Wash., Oct. 29 /PRNewswire/ -- The Hillhaven Corp. (AMEX: HIL) announced today the public offering of $65,000,000 of 7-3/4 percent Convertible Subordinated Debentures due 2002.
 The debentures are priced at par and are convertible into Hillhaven common stock at $3.359 per share. Closing is scheduled for Nov. 4, 1992. The underwriters for the offering are Merrill Lynch & Co., Donaldson, Lufkin & Jenrette Securities Corp. and Dain Bosworth Inc.
 The company intends to use the proceeds from the sale of the debentures to pay existing debt and to acquire certain currently leased nursing centers.
 Hillhaven is the nation's second-largest long-term care provider. It operates 311 nursing centers (including those held for sale), 112 retail and institutional pharmacies, 22 retirement housing communities and two continuing care retirement communities.
 -0- 10/29/92
 /NOTE TO EDITORS: For a copy of the prospectus, contact Tim Carroll/
 /CONTACT: Tim Carroll of The Hillhaven Corp., 206-756-4806/
 (HIL) CO: The Hillhaven Corp. ST: Washington IN: HEA SU: OFR


SW-LM -- SE002 -- 6440 10/29/92 09:32 EST
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Publication:PR Newswire
Date:Oct 29, 1992
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