Specialty hospitals and outpatient rehabilitation clinic operator Select Medical (NYSE:SEM) announced yesterday that it had successfully completed the private placement of $600 million worth of its 6.375% senior notes due in 2021.
Of the total proceeds, $587 million was used to pay down a portion of the amount it owes on an $850 million term loan as well as a $275 million term loan under its senior secured credit facilities, both of which mature in June 2018. It also paid fees and expenses related to the placement.
Select Medical said the senior notes are unsecured obligations and will be guaranteed by its subsidiaries.
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