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Select Medical sets pricing, extends purchase offer for 7 5/8% notes
By Jennifer Chiou
New York, May 17 - Select Medical Corp. announced several changes to its previously announced tender offer for up to $266.5 million of its $611.5 million of 7 5/8% senior subordinated notes due 2015.
The offer will now end at 11:59 p.m. ET on May 31, extended from May 20.
As previously announced, the company will use proceeds from its new credit facility to fund the offer and because the company downsized the loan, it set the $266.5 million cap on the previously any and all offer.
Select Medical said that holders may not withdraw any tenders that are submitted prior to 5 p.m. ET on May 23.
Whether or not tendered by May 23, the company said that it will pay a purchase price of $1,027.92 per $1,000 principal amount of accepted notes.
Select Medical said it is also eliminating the consent solicitation for the notes and it is, in turn, taking out the supplemental indenture condition.
The issuer added that it is amending the term "proposed financing" in the offer to state that the tender is in connection with Select's negotiation of a new $1.15 billion senior secured credit facility. The offer is conditioned on financing.
As of May 16, the company had already taken in tenders for $562,865,000, or 92.1%, of the notes. The company noted that it will accept tenders in excess of the cap on a pro rata basis.
The offer was announced on May 13.
J.P. Morgan Securities LLC (800 245-8812 or call collect 212 270-3994) and Goldman, Sachs & Co. (800 828-3182 or call collect 212 902-5128) are the dealer managers and solicitation agents. D.F. King & Co., Inc. is the information agent (212 269-5550 for banks and brokers or 800 628-8510.
Select Medical is a Mechanicsburg, Pa.-based operator of specialty hospitals and outpatient rehabilitation clinics.
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