Select Medical to redeem 7 5/8% notes and senior floaters on March 22

By Marisa Wong

Madison, Wis., Feb. 20 - Select Medical Corp. said it will redeem all of its outstanding 7 5/8% senior subordinated notes due 2015, and Select Medical Holdings Corp. will redeem all of its senior floating-rate notes due 2015.

According to an 8-K filed with the Securities and Exchange Commission, all outstanding notes will be redeemed on March 22 at par plus accrued interest to the redemption date.

As of Feb. 20, there were $70 million principal amount of 7 5/8% notes and $167.3 million principal amount of floating-rate notes outstanding.

According to the filing, the redemptions will be funded with proceeds from Select Medical's series B tranche B term loans, which were recently upsized to $300 million.

Trustee U.S. Bank Trust NA delivered redemption notices to holders on Wednesday.

Select Medical is a Mechanicsburg, Pa.-based operator of specialty hospitals and outpatient rehabilitation clinics.

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