Concentra announces $150 million seven-year notes offering

By Paul A. Harris

St. Louis, July 16 - Concentra Operating Corp. announced a Rule 144A deal comprised of $150 million of senior subordinated notes due 2010 in a press release issued on Wednesday.

Proceeds, along with borrowings under its new senior credit facility and cash, will be used to repay the existing senior credit facility, to retire certain interest rate hedge agreements, and to redeem a portion of the senior discount debentures due 2010 of Concentra Inc., its parent corporation, according to the release.

The Addison, Tex-based company provides services designed to contain healthcare and disability costs for the occupational, auto and group healthcare markets

The deal is expected to be completed during the third quarter of 2003, although no precise timing or syndicate names were disclosed in Wednesday's press release.

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