MECHANICSBURG, Pa.,
Dec. 5, 2019 /PRNewswire/ -- Select
Medical Holdings Corporation ("Holdings") (NYSE: SEM), today
announced that Select Medical Corporation ("Select") has priced its
private placement of $675 million
aggregate principal amount of its 6.250% senior notes due 2026 (the
"Additional Notes") as additional notes under the indenture
pursuant to which it previously issued $550
million of 6.250% senior notes due 2026. The offering has
been upsized from the previously announced amount of $625 million. The offering is expected to close
on December 10, 2019, subject to the
satisfaction of customary closing conditions.
Select intends to use a portion of the net proceeds of the
offering, together with a portion of the proceeds from a proposed
incremental term loan, and, if needed, available cash, to make an
intercompany loan to Concentra, Inc. ("Concentra"), a joint venture
subsidiary of Select, which will use the proceeds from such
intercompany loan to repay in full all of Concentra's outstanding
term loans, and to pay related fees and expenses.
The Additional Notes and related guarantees are being offered in
a private placement, solely to qualified institutional buyers in
reliance on Rule 144A under the Securities Act of 1933, as amended
(the "Securities Act"), or outside the
United States to persons other than "U.S. persons" in
compliance with Regulation S under the Securities Act. The
Additional Notes and related guarantees have not been registered
under the Securities Act or the securities laws of any other
jurisdiction and may not be offered or sold in the United States absent registration or an
applicable exemption from the registration requirements.
This notice does not constitute an offer to sell the notes, nor
a solicitation for an offer to purchase the Additional Notes, in
any jurisdiction in which such offer or solicitation would be
unlawful. Any offer of the Additional Notes will be made only by
means of a private offering memorandum. This press release is being
issued pursuant to and in accordance with Rule 135c under the
Securities Act.
Investor inquiries:
Joel T. Veit
Senior Vice President and Treasurer
717-972-1100
ir@selectmedicalcorp.com
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SOURCE Select Medical Corporation