Summit Care Files for $30-Million Stock Offering

Summit Care Corp., a Burbank-based operator of nursing-care and retirement centers, said it has filed a registration statement with the Securities and Exchange Commission for an offering of 1.5 million shares of common stock worth about $30 million.

Proceeds from the public offering will be used to repay debt and fund expansion of existing centers and the acquisition and construction of new centers. Dillon, Read & Co. Inc., Robertson, Stephens & Co. L.P. and Smith Barney Shearson Inc. will act as the managing underwriters. The registration statement says the underwriters can buy an additional 225,000 shares to cover over-allotments.