Select Medical intends to sell $365 million eight-year senior notes

By Paul A. Harris

Portland, Ore., May 7 - Select Medical Corp. plans to start a roadshow on Tuesday for a $365 million offering of eight-year senior notes (/B-), according to a syndicate source.

An investor call is also set for noon ET on Tuesday.

The deal is expected to price on Friday.

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

The Rule 144A with registration rights notes come with four years of call protection.

The Mechanicsburg, Pa.-based operator of specialty hospitals and outpatient rehabilitation clinics plans to use the proceeds to repurchase its existing senior subordinated notes and for general corporate purposes.

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