Summit Health Debt Redemption Complete
Summit Health Ltd., a Burbank-based hospital operator, said it has completed redeeming certain of its debt as part of its plan to reduce its overall borrowing costs.
The company said it redeemed the remaining $24.6 million outstanding of its 14% senior subordinated debentures, which were issued in 1985, using cash obtained under a new credit package from Citicorp.
Summit already had repurchased $25.1 million of the debt during its fiscal year that ended June 30. The company estimates the refinancing will save Summit about $1.7 million in annual interest costs.
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