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SUMMIT HEALTH COMMENCES SUBORDINATED OFFERING

 BURBANK, Calif., March 19 /PRNewswire/ -- Summit Health Ltd. (NASDAQ: SUMH) announced today that it commenced its public offering of $37.4 million of 7-1/2 percent Exchangeable Subordinated Notes due 2003. The Notes are exchangeable into common shares of Summit Health's majority-owned subsidiary, Summit Care Corp. (NASDAQ: SUMC) at the equivalent of $14.40 per share. On March 17, 1993, the closing price of Summit Care Corp. was $12.50 per share. The company expects the offering to close sometime next week.
 The Notes mature on April 1, 2003, unless previously redeemed or exchanged. Interest on the Notes is payable semiannually on April 1 and Oct. 1, commencing Oct. 1, 1993. The Notes are exchangeable at the option of the holder at any time after April 1, 1994, and prior to maturity, unless previously redeemed. The Notes are redeemable at the option of Summit Health, in whole or in part, except that no redemption may occur prior to April 1, 1996.
 A Prospectus concerning this offering may be obtained from Smith Barney, Harris Upham & Co., 100 Wall Street, New York, NY 10005, Attn: Syndicate Department.
 Summit Health Ltd. provides quality health care services to niche markets through 12 acute care hospitals with 1,641 licensed beds and two free-standing outpatient surgery centers with a total of 62 surgery suites. Summit Health, through its subsidiary Health Choice Arizona, a Medicaid HMO, insures approximately 18,000 lives in the state of Arizona. Also, through its majority-owned Summit Care subsidiary, the company provides health care services to the elderly through 17 skilled nursing centers with 2,228 licensed beds and four retirement centers with 468 beds. The company's facilities are located in California, Arizona, Texas and Iowa.
 -0- 3/19/93
 /CONTACT: Doug Sherk or Ken Dennard, 415-296-7383, or David Walke or Robert Borchert, 212-986-5900, all of Morgen-Walke, for Summit Health/
 (SUMH SUMC)


CO: Summit Health Ltd.; Summit Care Corp. ST: California IN: HEA SU: OFR

SG-GT -- SF002 -- 7737 03/19/93 06:30 EST
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Publication:PR Newswire
Date:Mar 19, 1993
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