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SUMMIT HEALTH COMPLETES $37,440,000 NOTE OFFERING

 BURBANK, Calif., March 25 /PRNewswire/ -- Summit Health Ltd. (NASDAQ: SUMH) announced today that it closed its public offering of $37,440,000 aggregate principal amount of its 7-1/2 percent Exchangeable Subordinated Notes due 2003. The notes are exchangeable for shares of Common Stock of Summit Care Corp. (NASDAQ: SUMC) owned by Summit Health Ltd. A registration statement covering the notes was declared effective by the Securities and Exchange Commission on March 17, 1993. The notes are traded on the NASDAQ Small-Cap Market under the symbol "SUMHG." The proceeds of the offering will be used for the repayment of existing indebtedness and general corporate purposes. The offering was underwritten by Smith Barney, Harris & Upham Co. Inc. and Donaldson Lufkin & Jenrette Securities Corp.
 Summit Health provides acute health care services in both inpatient and outpatient settings, with an emphasis on outpatient services, through 12 acute care hospitals located in California, Arizona, Texas and Iowa, 16 medical office buildings and an outpatient surgical business. Summit Health also operates a managed health care plan in Arizona that covers approximately 18,000 Medicaid members. In addition, Summit Care, a majority-owned subsidiary of Summit Health, provides nursing and rehabilitative care through 17 nursing centers and four retirement centers.
 -0- 3/25/93
 /CONTACT: Douglas 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 -- SF005 -- 9684 03/25/93 15:12 EST
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Publication:PR Newswire
Date:Mar 25, 1993
Words:251
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