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HILLHAVEN FILES $65 MILLION OF CONVERTIBLE SUBORDINATED DEBENTURES

HILLHAVEN FILES $65 MILLION OF CONVERTIBLE SUBORDINATED DEBENTURES
 TACOMA, Wash., June 22 /PRNewswire/ -- The Hillhaven Corp. (AMEX: HIL) announced that it filed today a registration statement on Form S-1 with respect to a public offering by Hillhaven of $65 million of Convertible Subordinated Debentures due 2002. The company expects that the debentures will be offered in August.
 A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted prior to the time the registration statement becomes effective. The statement shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 The company intends to use the proceeds to purchase 26 nursing centers leased from National Medical Enterprises Inc. (NYSE: NME) for a total purchase price of $65.6 million. These 26 include the nine previously announced in December 1991. The purchase transactions are subject to governmental and third-party approvals.
 Merrill Lynch & Co., Donaldson, Lufkin & Jenrette Securities Corp. and Dain Bosworth Inc. will act as underwriters for the issue.
 Hillhaven is the nation's second-largest long-term care provider. It operates 351 nursing centers (including 75 held for sale), 25 retirement communities and 112 retail and institutional pharmacies.
 -0- 6/22/92
 /CONTACT: Tim Carroll of The Hillhaven Corp., 206-572-4901/
 (HIL NME) CO: The Hillhaven Corp.; National Medical Enterprises Inc. ST: Washington IN: HEA SU: OFR


SC-JH -- SE005 -- 2260 06/22/92 09:30 EDT
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Publication:PR Newswire
Date:Jun 22, 1992
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