August 01, 2014 1:34 PM ET

Healthcare Providers and Services

Company Overview of Select Medical Corporation

Company Overview

Select Medical Corporation operates specialty hospitals and outpatient rehabilitation clinics in the United States. Its Specialty Hospital segment operates hospitals designed to serve the needs of long term stay acute patients; and hospitals designed to serve patients that require intensive medical rehabilitation care. This segment offers services to patients with specialized needs, and serious and complex medical conditions, such as respiratory failure, neuromuscular disorders, traumatic brain and spinal cord injuries, strokes, non-healing wounds, cardiac disorders, renal disorders, and cancer. The company’s Outpatient Rehabilitation segment operates clinics, as well as provides physical, o...

4714 Gettysburg Road

PO Box 2034

Mechanicsburg, PA 17055

United States

Founded in 1996

21,100 Employees

Phone:

717-972-1100

Key Executives for Select Medical Corporation

Chief Executive Officer
Age: 57
Co-Founder
Age: 56
Co-Founder
Age: 81
Chief Financial Officer and Executive Vice President
Age: 59
Chief Operating Officer and Executive Vice President
Age: 52
Compensation as of Fiscal Year 2014.

Select Medical Corporation Key Developments

Cleveland Clinic and Select Medical Form Joint Venture to Expand Inpatient Rehabilitation in Northeast Ohio

Cleveland Clinic and Select Medical have finalized an agreement to form a joint venture to enhance inpatient rehabilitation services in Northeast Ohio and improve access for patients with complex rehab needs. As part of the joint venture, the two organizations will expand these services on Cleveland's West Side by building a new 60-bed adult inpatient rehabilitation hospital in Avon, Ohio. The two organizations have also entered into a management agreement, effective August 1, 2014, to enhance operations in existing Cleveland Clinic rehabilitation facilities. As currently planned, the West Side rehabilitation hospital will be located in Avon next to Cleveland Clinic's Avon medical campus. Construction is expected to begin this summer with the goal of opening in late 2015. In addition, the venture will establish a residency program for physicians in physical medicine and rehabilitation. Cleveland Clinic and Select Medical also share a goal of improving patient access to the quality post-acute and rehabilitation programs, as well as enhancing opportunities for employees. The agreement is expected to expand Cleveland Clinic's post-acute care capabilities by adding to existing home care, hospice and skilled nursing facility programming. Additionally, the joint venture will be exploring further opportunities to expand services locally, nationally and internationally with the goal of continuing to improve post-acute care options more broadly for patients.

Select Medical Corporation Issues and Sold $110.0 Million in Aggregate Principal Amount of Its 6.375% Senior Notes Due 2021

On March 11, 2014, Select Medical Corporation, a wholly owned subsidiary of Select Medical Holdings Corporation, issued and sold $110.0 million in aggregate principal amount of its 6.375% senior notes due 2021 (the Additional Notes) as additional notes under the indenture pursuant to which it previously issued $600.0 million of 6.375% senior notes due 2021 (the Original Notes and, together with the New Notes, the Notes). The Additional Notes are senior unsecured obligations of the Company and are fully and unconditionally guaranteed by certain subsidiaries of the Company. The Additional Notes were offered in the United States to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the Securities Act), and outside the United States to non-U.S. persons in reliance on Regulation S under the Securities Act pursuant to the Indenture (the Indenture), dated May 28, 2013, by and among the Company, the guarantors named therein and U.S. Bank National Association, as trustee (the Trustee), as supplemented by the Supplemental Indenture (the Supplemental Indenture), dated March 11, 2014, by and among the Company, the guarantors named therein and the Trustee.

Select Medical Corporation Announces Pricing of its Offering of Additional $110.0 Million of its 6.375% Senior Notes Due 2021

Select Medical Holdings Corporation announced that Select Medical Corporation has priced its previously announced private placement of $110.0 million in aggregate principal amount of its 6.375% senior notes due 2021 as additional notes under the indenture pursuant to which it previously issued $600.0 million of 6.375% senior notes due 2021. The Additional Notes priced at 101.5% of their principal amount and gross proceeds of the offering to Select will be $111.65 million. The offering is expected to close on March 11, 2014, subject to the satisfaction of customary closing conditions.

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