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Select Medical marks end of withdrawal rights in oversubscribed offer
By Susanna Moon
Chicago, May 24 - Select Medical Corp. said it received tenders for more than the maximum allowed in the offer for its $611.5 million of 7 5/8% senior subordinated notes due 2015 and added that it expects to purchase those notes on a pro rata basis by the offer deadline.
Withdrawal rights expired at 5 p.m. ET on May 23.
Select will pay $1,027.92 for each $1,000 principal amount of notes plus accrued interest up to but not including the payment date.
The tender offer for up to $266.5 million of the 7 5/8% notes will end at 11:59 p.m. ET on May 31. It began on May 13.
As of May 16, the company had already taken in tenders for $562,865,000, or 92.1%, of the notes.
Select Medical announced several changes to the offer on May 17.
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.
The company said it eliminated the consent solicitation for the notes and, in turn, removed the supplemental indenture condition.
The issuer added that it amended the term "proposed financing" in the offer to state that the tender was in connection with Select's negotiation of a new $1.15 billion senior secured credit facility. The offer is conditioned on financing.
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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