UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM
current report
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Item 1.01 Entry into a Material Definitive Agreement.
Amendment No. 8 to the Select Credit Agreement
On July 31, 2023, Select Medical Corporation (“Select”) and Select Medical Holdings Corporation (“Holdings”) entered into Amendment No. 8 (the “Select Amendment”) to that certain Credit Agreement, dated as of March 6, 2017, by and among Holdings, Select, the lenders and issuing banks party thereto from time to time and JPMorgan Chase Bank, N.A. (“JPMorgan”), as administrative agent and collateral agent (as amended by Amendment No. 1, dated as of March 22, 2018, Amendment No. 2 dated as of October 26, 2018, Amendment No. 3, dated as of August 1, 2019, Amendment No. 4, dated as of December 10, 2019, Amendment No. 5, dated as of June 2, 2021, Amendment No. 6, dated as of February 21, 2023, Amendment No. 7, dated as of May 31, 2023, and the Select Amendment, the “Select Credit Agreement”). Among other things, the Select Amendment (i) provides for a new tranche of refinancing term loans in an aggregate principal amount of $2,103.0 million to replace the existing tranche of term loans, (ii) replaces the existing revolving credit facility with a $710.0 million new revolving credit facility, and (iii) extends the maturity date of the refinancing term loans and new revolving credit facility to March 6, 2027 with an early springing maturity at 90 days prior to maturity of the senior notes, triggered if more than $300.0 million of senior notes remain outstanding at that time.
The foregoing description of the Select Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Select Amendment, which is filed as Exhibit 10.1 and incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned, thereunto duly authorized.
SELECT MEDICAL HOLDINGS CORPORATION | ||
Date: August 1, 2023 | By: | /s/ Michael E. Tarvin |
Michael E. Tarvin | ||
Executive Vice President, General Counsel and Secretary |