Concentra redeems all $27.6 million of 13% notes

Pittsburgh, Aug. 23 - Concentra Operating Corp. redeemed all $27.6 million of its remaining 13% senior subordinated notes, with a redemption premium of $1.8 million, according to a company news release.

Concentra expects its future interest expense to decrease by $7.9 million annually as a result of the note redemption and a repricing of its credit facility to Libor plus 250 basis points, the release said. The company currently has $401.475 million of borrowings on the facility.

Concentra, a wholly owned subsidiary of Concentra Inc., is an Addison, Texas, outsource solution for containing healthcare and disability costs.

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