Concentra spins off Viant

By Lisa Kerner

Charlotte, N.C., June 25 - Concentra completed the separation of its Health Services and Network Services segments through the spin-off of Viant Holdings, Inc.

"With the completion of this spin-off, our primary focus returns to our roots in providing exceptional health care services," chief executive officer Jim Greenwood said in a company news release.

"Considering the scale and experience we have developed in the field, and our leadership role in formulating and executing on strategies to help contain rising health care costs, we are excited to begin a new chapter in our company's growth story and look forward to the opportunities we see ahead for Concentra."

On May 24, Concentra began an exchange offer in connection with the spin-off. Concentra offered to exchange a combination of cash and $185 million in total principal of a new series of senior subordinated notes due 2017 of Viant for Concentra Operating's $155 million in 9 1/8% senior subordinated notes due 2012 and $180 million in 9½% senior subordinated notes due 2010. The offer ended on June 21.

Concentra is an Addison, Texas, health care services company.

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