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Select Medical refinances debt
Tim Stuhldreher//June 3, 2011
The sum includes an $850 million, seven-year loan package and a five-year, $300 million revolving credit facility, the Mechanicsburg-area company said in a statement. It drew $125 million from the revolving credit facility at closing.
Select used $266.5 million from the loan to repurchase that amount in 75/8 percent senior subordinated notes that would have come due in 2015. Select Medical had extended a cash tender offer that expired Tuesday and had received offers totaling $565.3 million, or 92 percent of the $611.5 million principal outstanding, the company said.
Select Medical Holdings is the parent company of Select Medical Corp., which operates 110 hospitals, eight rehabilitation centers and 945 outpatient clinics. Its shares are traded on the New York Stock Exchange under the ticker symbol SEM.
