Select Medical completes Concentra IPO of 22.5M shares at $23.50, retains ~82% stake

SELECT MEDICAL HOLDINGS CORP

IPO of 22.5M shares of Concentra common stock at $23.50/share; net proceeds $499.7M.
IPO proceeds paid to SMC to repay intercompany debt; SMC retains ~82.23% of Concentra.
Select credit agreement amended; revolving commitments reduced from $770M to $550M.
Concentra entered into $1.25B credit facilities ($850M term loan, $400M revolver).
Concentra assumed $650M of 6.875% senior notes due 2032.

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