Select Medical to launch $1.5 billion credit facility on Wednesday

By Paul A. Harris

Portland, Ore., April 26 - Select Medical Corp. plans to hold a Wednesday bank meeting in order to launch its $1.5 billion credit facility, according to market sources.

The deal is comprised of a $1.2 billion term loan and a $300 million revolver.

J.P. Morgan Securities LLC, Goldman Sachs & Co., Bank of America Merrill Lynch, Morgan Stanley & Co. Inc., Wells Fargo Securities LLC and RBC Capital Markets are leading the deal.

Proceeds will be used to refinance debt. The company announced a tender offer for $61l.5 million senior subordinated notes due 2015 on Monday.

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

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