SOUTHMARK <SM> SELLS NATIONAL HERITAGE STAKE
National Heritage Inc, a unit of
Southmark Corp, said it began an initial public offering of two
mln shares of common stock at a price of 9.50 dlrs a share.
    All the shares are being offered by National Heritage,
which will trade under symbol NHER on Nasdaq, through lead
underwriter Drexel Burnham Lambert Inc.
    Proceeds will be used to increase working capital, complete
renovations at leased facilities and repay certain debts to
Southmark.
    After the offer, Southmark will retain about 82 pct of the
11 mln outstanding common shares of National Heritage, which
operates 201 long-term nursing care facilities.
 Reuter
