Select Medical Holdings Corporation (NYSE:SEM) Q3 2024 Results Earnings Conference Call November 1, 2024 9:00 AM ET
Company Participants
Robert Ortenzio - Executive Chairman and Co-Founder
Martin Jackson - Senior Executive Vice President of Strategic Finance and Operations
Conference Call Participants
Ben Hendrix - RBC Capital Markets
Justin Bowers - Deutsche Bank
William Sutherland - The Benchmark Company
Christian Malachy Porter - Bank of America Securities
Operator
Good morning, and thank you for joining us today for Select Medical Holdings Corporation's Earnings Conference Call to Discuss the Third Quarter 2024 Results and the Company's Business Outlook.
Speaking today are the company's Executive Chairman and Co-Founder, Robert Ortenzio, and the company's Senior Executive Vice President of Strategic Finance and Operations, Martin Jackson. Management will give you an overview of the quarter and then open the call for questions.
Before we get started, we would like to remind you that this conference call may contain forward-looking statements regarding future events or the future financial performance of the company, including, without limitation, statements regarding operating results, growth opportunities and other statements that refer to Select Medical's plans, expectations, strategies, intentions and beliefs. These forward-looking statements are based on the information available to management of Select Medical today, and the company assumes no obligation to update these statements as circumstances change.
At this time, I will turn the conference over to Mr. Robert Ortenzio.
Robert Ortenzio
Thank you, operator. Good morning, everyone. Welcome to Select Medical's earnings call for third quarter 2024.
As most of you are aware, this quarter, we successfully completed Concentra's initial public offering. Concentra issued 23,250,000 shares and now trades under the symbol CON on the New York Stock Exchange.
Select Medical now owns 81.74% of Concentra's stock. We expect to distribute its remaining interest in Concentra to our shareholders by the end of the year, contingent upon receiving the waiver of the IPO lockup, which is based on market conditions.
As noted on last quarter's earnings call, Concentra entered into financing arrangements, which included a new senior credit facility consisting of an $850 million seven-year term loan, a $400 million five-year revolving facility, which was undrawn at closing, and $650 million of 6.875% senior notes due 2032. The majority of the net proceeds of Concentra's IPO and related debt transactions were used by Select to pay down debt.
Concentra will be holding their Q3 conference call later this morning at 10.30 Eastern time, where they will provide more detailed information regarding their performance for the third quarter.