MECHANICSBURG, Pa. and
ADDISON, Texas, July 24,
2024 /PRNewswire/ -- Select Medical Holdings
Corporation ("Select Medical") (NYSE: SEM) and Concentra Group
Holdings Parent, Inc. ("Concentra") (NYSE: CON), a wholly owned
subsidiary of Select Medical, today announced the pricing of
Concentra's initial public offering ("IPO") of 22,500,000 shares of
Concentra's common stock at a price to the public of $23.50 per share. In addition, Concentra has
granted the underwriters a 30-day option to purchase up to an
additional 3,375,000 shares of its common stock to cover
over-allotments, if any. Concentra's common stock has been approved
for listing on the New York Stock Exchange under the symbol "CON"
and is expected to begin trading on July 25,
2024. The IPO is expected to close on July 26, 2024, subject to the satisfaction or
waiver of customary closing conditions.
After the completion of the IPO, Select Medical will
own 104,093,503 shares of Concentra's common stock, representing
82.23% of the total outstanding shares of Concentra's common stock
(or 80.09% if the underwriters exercise in full their
over-allotment option).
J.P. Morgan, Goldman Sachs & Co. LLC and BofA Securities are
acting as lead book-running managers for the IPO. Deutsche Bank
Securities, Wells Fargo Securities, Mizuho, RBC Capital Markets and
Truist Securities are acting as joint book-running managers for the
IPO. Capital One Securities, Fifth Third Securities and PNC Capital
Markets LLC are acting as co-managers for the IPO.
A registration statement on Form S-1 relating to these
securities was declared effective by the Securities and Exchange
Commission. The IPO is being made only by means of a prospectus
forming part of the effective registration statement. A copy of the
prospectus relating to the IPO, when available, may be obtained
from: J.P. Morgan Securities LLC, c/o Broadridge Financial
Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, or by email at
prospectus-eq_fi@jpmchase.com; Goldman Sachs & Co. LLC,
Attention: Prospectus Department, 200 West Street, New York, New York 10282, telephone:
1-866-471-2526, facsimile: 212-902-9316, or email:
prospectus-ny@ny.email.gs.com; and BofA Securities, NC1-022-02-25,
201 North Tryon Street, Charlotte,
NC 28255-0001, Attention: Prospectus Department, email:
dg.prospectus_requests@bofa.com.
This press release is neither an offer to sell nor a
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or jurisdiction in
which such an offer, solicitation or sale would be unlawful.
Select Medical Overview
Select Medical is one of the largest operators of critical
illness recovery hospitals, rehabilitation hospitals, outpatient
rehabilitation clinics, and occupational health centers in
the United States based on number
of facilities. Select Medical's reportable segments include the
critical illness recovery hospital segment, the rehabilitation
hospital segment, the outpatient rehabilitation segment, and the
Concentra segment. As of June 30,
2024, Select Medical operated 107 critical illness recovery
hospitals in 29 states, 33 rehabilitation hospitals in 13 states,
1,925 outpatient rehabilitation clinics in 39 states and the
District of Columbia, and 547
occupational health centers in 41 states. At June 30, 2024, Select Medical had operations in
46 states and the District of
Columbia.
Concentra Overview
Concentra is the largest provider of occupational health
services in the United States by
number of locations, with the mission of improving the health of
America's workforce, one patient at a time. Our 11,000 colleagues
and affiliated physicians and clinicians support the delivery of an
extensive suite of services, including occupational and consumer
health services and other direct-to-employer care, to more than
50,000 patients each day on average from 547 occupational health
centers in 41 states and 154 onsite health clinics at employer
worksites in 37 states as of June 30,
2024.
Forward-Looking Statements
Certain statements contained herein that are not descriptions of
historical facts are "forward-looking" statements (as such term is
defined in the Private Securities Litigation Reform Act of 1995).
Forward-looking statements use words such as "expect," "estimate,"
"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. Among other things,
statements regarding the expected closing of the IPO, whether the
underwriters will exercise their over-allotment option and the
expectations relating to the listing of Concentra's common stock on
the New York Stock Exchange are examples of forward-looking
statements. Because such statements include risks and
uncertainties, actual results may differ materially from those
expressed or implied by such forward-looking statements due to
factors including the following: the satisfaction of customary
closing conditions relating to the IPO, capital market risks and
the impact of general economic, industry or financial conditions. A
further list and descriptions of these risks, uncertainties and
other factors can be found in Concentra's prospectus relating to
the IPO and in Select Medical's Annual Report on Form 10-K for the
fiscal year ended December 31, 2023,
including in the sections captioned "Cautionary Note Regarding
Forward-Looking Statements," and in Select Medical's subsequent
filings with the U.S. Securities and Exchange Commission. Copies of
these filings are available online at www.sec.gov or on request
from Concentra or Select Medical. Any forward-looking statement
made in this press release speaks only as of the date of this press
release. Neither Concentra nor Select Medical undertakes to update
any forward-looking statement as a result of new information or
future events or developments.
Investor inquiries:
Joel T. Veit
Senior Vice President and Treasurer
717-972-1100
ir@selectmedical.com
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SOURCE Select Medical Holdings Corporation