MECHANICSBURG, Pa., Sept. 9 /PRNewswire/ -- Select Medical Holdings Corporation ("Select"), the parent of Select Medical Corporation, today announced the launch of its initial public offering of 33,333,333 shares of Select common stock. The initial public offering price is expected to be between $11.00 and $13.00 per share. This is a primary offering of common shares by Select, and Goldman, Sachs & Co., Morgan Stanley & Co. Incorporated, Merrill Lynch, Pierce, Fenner & Smith Incorporated and J.P. Morgan Securities Inc. are serving as joint bookrunners for the offering. The underwriters have the option to purchase from Select up to an additional 5,000,000 shares of common stock, on the same terms and conditions, to cover over-allotments, if any. Select has applied to have its common stock approved for quotation on the New York Stock Exchange under the symbol "SEM."
Select intends to use the net proceeds from the offering to repay indebtedness and to make payments to executive officers under Select's Long Term Cash Incentive Plan. Any remaining net proceeds will be used for general corporate purposes.
A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sales of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
The offering of the common stock will be made only by means of a prospectus. When available, a copy of the preliminary prospectus relating to this offering may be obtained from Goldman, Sachs & Co., Attention: Prospectus Department, 85 Broad St., New York, NY 10004 or by faxing (212) 902-9316 or calling toll-free 1-866-471-2526 or emailing at prospectus-ny@ny.email.gs.com; or Morgan Stanley & Co. Incorporated, Attention: Prospectus Department, 180 Varick Street, New York, New York 10014 (email address: prospectus@morganstanley.com); or BofA Merrill Lynch, 4 World Financial Center, New York, NY 10080, Attention: Prospectus Department; or J.P. Morgan Securities Inc., Attention: Prospectus Department, 4 Chase Metrotech Center, CS Level, Brooklyn, NY 11245 or by calling (718) 242-8002.
About Select
Select Medical Corporation is a leading operator of specialty hospitals in the United States. Select operates 87 long term acute care hospitals and five acute medical rehabilitation hospitals in 25 states, and 948 outpatient rehabilitation clinics in 37 states and the District of Columbia. Select also provides medical rehabilitation services on a contracted basis to nursing homes, hospitals, assisted living and senior care centers, schools and work sites. Select began operations in 1997 under the leadership of its current management team.
SOURCE Select Medical Holdings Corporation
