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SUMMIT HEALTH FILES REGISTRATION STATEMENT FOR EXCHANGEABLE SUBORDINATED NOTES

 BURBANK, Calif., Jan. 15 /PRNewswire/ -- Summit Health Ltd. (NASDAQ-NMS: SUMH) announced today that it has filed a Registration Statement with the Securities and Exchange Commission (SEC) relating to the proposed issuance of up to an estimated $50 million of Exchangeable Subordinated Notes due 2003. The notes will be exchangeable for shares of common stock of its majority-owned subsidiary, Summit Care Corp. (NASDAQ-NMS: SUMC) owned by Summit Health Ltd., subject to Summit Health's right to pay cash equal to the market price of the shares on the date of exchange. The shares of Summit Care common stock into which the notes in aggregate are exchangeable represent all of Summit Health's current ownership of Summit Care.
 Summit Health intends to use the net proceeds of the proposed offering to repay approximately $25 million of existing indebtedness under Summit Health's bank credit agreement, with the remainder to be used for general corporate purposes.
 Smith Barney, Harris Upham & Co. Inc. and Donaldson, Lufkin & Jenrette Securities Corp. will be the underwriters for the proposed offering.
 The company intends to apply for listing of the Exchangeable Subordinated Notes on the NASDAQ National Market System.
 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 Medicaid-managed health care plan in Arizona that covers approximately 17,400 members. In addition, Summit Care provides nursing and rehabilitative care through 17 nursing centers and four retirement centers.
 A registration statement relating to these securities has been filed with the SEC 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. This press release does not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sales 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.
 A prospectus relating to these securities, when available, may be obtained from Smith Barney, Harris Upham & Co. Inc., 1345 Avenue of the Americas, New York, NY 10105, Attn.: Syndicate Department; and Donaldson, Lufkin & Jenrette Securities Corp., 140 Broadway, New York, NY 10005, Attn: Syndicate Department.
 -0- 1/15/93
 /CONTACT: Doug Sherk or Ken Dennard, 415-296-7383, or David Walke or Miriam Adler, 212-986-5900, all of Morgen-Walke for Summit Health/
 (SUMH SUMC)


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

GT-SG -- SF004 -- 5173 01/15/93 07:00 EST
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Publication:PR Newswire
Date:Jan 15, 1993
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