Select Medical Holdings Corporation Announces Offering of $850 Million of Senior Notes by Select Medical Corporation
Select Medical Holdings (NYSE: SEM) announced that Select Medical has initiated a private offering of $850 million in senior notes due 2032. The company plans to amend its existing senior secured credit agreement to establish a new incremental term loan and extend its revolving credit facility maturity. The proceeds will be used to repay existing term loans, redeem all outstanding 6.250% senior notes due 2026, and cover related fees. The notes will be offered exclusively to qualified institutional buyers under Rule 144A and non-U.S. persons under Regulation S.
Select Medical Holdings (NYSE: SEM) ha annunciato che Select Medical ha avviato un'offerta privata di 850 milioni di dollari in note senior con scadenza nel 2032. L'azienda prevede di modificare il proprio accordo di credito senior garantito esistente per stabilire un nuovo prestito a termine incrementale e prorogare la scadenza della propria linea di credito rotativa. I proventi saranno utilizzati per riottenere prestiti a termine esistenti, riscattare tutte le note senior 6,250% in scadenza nel 2026 e coprire le spese correlate. Le note saranno offerte esclusivamente a compratori istituzionali qualificati ai sensi della Regola 144A e a persone non statunitensi ai sensi del Regolamento S.
Select Medical Holdings (NYSE: SEM) anunció que Select Medical ha iniciado una oferta privada de 850 millones de dólares en bonos senior con vencimiento en 2032. La compañía planea modificar su acuerdo de crédito senior garantizado existente para establecer un nuevo préstamo a plazo incremental y extender el vencimiento de su línea de crédito rotativa. Los ingresos se utilizarán para reembolsar préstamos a plazo existentes, redimir todos los bonos senior al 6,250% con vencimiento en 2026 y cubrir los honorarios relacionados. Los bonos se ofrecerán exclusivamente a compradores institucionales calificados bajo la Regla 144A y a personas no estadounidenses bajo la Regulación S.
Select Medical Holdings (NYSE: SEM)는 Select Medical이 2032년 만기인 8억 5천만 달러의 고위험 노트를 발행하기 시작했다고 발표했습니다. 이 회사는 기존의 선순위 담보 신용 계약을 수정하여 새로운 순증 대출을 설정하고 회전 신용 시설 만기를 연장할 계획입니다. 수익금은 기존 대출 상환, 만기가 2026년인 모든 6.250% 고위험 노트 상환 및 관련 수수료 지출에 사용될 것입니다. 이러한 노트는 규칙 144A에 따라 자격을 갖춘 기관 구매자에게, 규제 S에 따라 비미국인에게 독점적으로 제공됩니다.
Select Medical Holdings (NYSE: SEM) a annoncé que Select Medical a lancé une offre privée de 850 millions de dollars en obligations senior venant à échéance en 2032. L'entreprise prévoit de modifier son accord de crédit senior garanti existant pour établir un nouveau prêt à terme supplémentaire et prolonger l'échéance de sa facilité de crédit revolving. Les produits seront utilisés pour rembourser les prêts à terme existants, procéder au rachat de toutes les obligations senior à 6,250% échéant en 2026 et couvrir les frais connexes. Les obligations seront offertes exclusivement à des acheteurs institutionnels qualifiés conformément à la règle 144A et à des personnes non américaines conformément au règlement S.
Select Medical Holdings (NYSE: SEM) hat bekannt gegeben, dass Select Medical eine Privatplatzierung von 850 Millionen US-Dollar in Senior Notes mit Fälligkeit 2032 initiiert hat. Das Unternehmen plant, sein bestehendes Senior Secured Credit Agreement zu ändern, um ein neues inkrementelles Terminkreditdarlehen einzurichten und die Fälligkeit seiner revolvierenden Kreditlinie zu verlängern. Die Erlöse werden verwendet, um bestehende Terminkredite zurückzuzahlen, alle ausstehenden 6,250% Senior Notes mit Fälligkeit 2026 einzulösen und damit verbundene Gebühren zu decken. Die Notes werden ausschließlich an qualifizierte institutionelle Käufer gemäß Regel 144A und an Nicht-US-Personen gemäß Regulation S angeboten.
- Refinancing of existing debt could potentially improve debt structure
- Extension of revolving credit facility maturity provides enhanced financial flexibility
- Taking on $850 million in new debt obligations
- Increased interest expense possible depending on new notes' terms
Insights
Concurrently with the consummation of the Offering, Select intends to amend its existing senior secured credit agreement to, among other things, establish a new incremental term loan which will refinance Select's existing term loans, extend the maturity date of Select's existing revolving credit facility, and provide for an incremental revolving commitment.
Select intends to use the net proceeds of the Offering, together with the proceeds from the proposed new incremental term loan and cash on hand, to repay in full the term loans currently outstanding under Select's existing senior secured credit agreement, to redeem all of Select's outstanding
The notes and related guarantees have not been and will not be registered under the Securities Act of 1933, as amended (the "Securities Act") or the securities laws of any other jurisdiction and may not be offered or sold in
This press release does not constitute an offer to sell or a solicitation of an offer to buy, nor will there be any sale of, the notes in any jurisdiction in which such offer, solicitation or sale would be unlawful. Any offer of the notes will be made only by means of a private offering memorandum. This press release is being issued pursuant to and in accordance with Rule 135c under the Securities Act. This press release shall not constitute a notice of redemption with respect to the
Cautionary Statement Regarding Forward-Looking Statements
This release contains forward-looking statements. Forward-looking statements use words such as "expect," "anticipate," "outlook," "intend," "plan," "confident," "believe," "will," "should," "would," "potential," "positioning," "proposed," "planned," "objective," "likely," "could," "may," and words of similar meaning, as well as other words or expressions referencing future events, conditions or circumstances. Statements that describe or relate to Holdings' plans, goals, intentions, strategies, financial outlook, Holdings' expectations regarding the aggregate principal amount of the notes to be sold or the intended use of proceeds from the offering of the notes, and statements that do not relate to historical or current fact, are examples of forward-looking statements. Forward-looking statements are based on our current beliefs, expectations and assumptions, which may not prove to be accurate, and involve a number of known and unknown risks and uncertainties, many of which are out of the Holdings' control. Forward-looking statements are not guarantees of future performance and there are a number of important factors that could cause actual outcomes and results to differ materially from the results contemplated by such forward-looking statements. Additional information concerning these and other factors can be found in Holdings' filings with the
Investor inquiries:
Joel T. Veit
Senior Vice President and Treasurer
717-972-1100
ir@selectmedicalcorp.com
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SOURCE Select Medical Holdings Corporation
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