Summit Health Unit Plans Stock Offering
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Summit Health Ltd., a Burbank-based owner and manager of hospitals and other medical facilities, said its wholly owned Summit Care Corp. unit has filed a registration statement with the Securities and Exchange Commission for an initial public offering of 2.1 million shares of common stock. The shares are expected to sell for $9 to $11 each, or a total of up to $23.1 million.
Summit Health, which is selling 200,000 of the 2.1 million shares in the offering, said it will own about 54% of Summit Care’s outstanding shares after the offering is completed. Proceeds from the offering will be used to repay debt and for working capital, the companies said.
Summit Care, also based in Burbank, operates nursing homes and retirement facilities.
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