Summit Care to Receive $25-Million Line of Credit

Summit Care Corp., a Burbank-based operator of skilled nursing-care centers and retirement facilities, said it received a commitment for a $25-million secured bank line of credit, up from $6 million currently.

Summit said the line of credit will be used mainly for financing acquisitions and possibly working capital and property development. The arrangement with the bank, which Summit did not identify, is expected to go through by the end of March. Summit Care is 51.8% owned by Summit Health Ltd.