It is difficult to really understand the extent of similarity without going through both the papers. However, from what you describe, it seems that there is a considerable overlap in the two manuscripts, even though the content is paraphrased. Ideally, results based on the same experiments and the same dataset should be presented together in a single publication. Segmenting the results from the same data set into different manuscripts can amount to salami slicing or segmented publication which is considered unethical. Please refer to the ICMJE guidelines regarding overlapping publication.
However, having said that, if each paper has a completely different focus and studies the data from completely different angles, it might be acceptable to publish two different papers using the same data. The final decision on the ethical validity of such a study or report will entirely be an editorial decision of the journals.
If you have not yet submitted the papers, consider combining them together and publishing them as one paper. However, if you have already submitted both the manuscripts to different journals, please write to both the journals immediately explaining this situation. This will ensure transparency from your end and help avoid any ethical concerns in the future. In your emails to the journals, you can also explain how the two manuscripts are different and warrant separate publications.
Also, please go through these articles to understand the importance of publishing ethically:
