Select Medical Holdings Corporation (NYSE:SEM), the parent of Select Medical Corporation, recently announced that it successfully completed its initial public offering of common stock at a price of $10.00 per share. Select sold 30,000,000 shares in the offering. Select's stock began trading on the New York Stock Exchange on September 25, 2009 under the Symbol "SEM." Select (NYSE:SEM) is a leading operator of specialty hospitals in the United States. As of June 30, 2009, Select operated 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.
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Total net proceeds to Select (NYSE:SEM) from the offering, after deducting underwriter discounts and commissions and estimated offering expenses, are approximately $278.7 million. 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. Goldman, Sachs & Co., Morgan Stanley & Co. Incorporated, BofA Merrill Lynch and J.P. Morgan Securities Inc. acted as joint book-runners for the offering BofA Merrill Lynch, 4 World Financial Center, New York, NY 10080.
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