05:54 PM EDT, 06/26/2024 (MT Newswires) -- Select Medical Holdings ( SEM ) said late Wednesday that the subsidiary of its occupational health services business priced an offering of $650 million of 6.875% senior notes due 2032.

The company and Concentra Group Holdings Parent said that Concentra Escrow Issuer, the unit of Concentra Health Services, priced the offering.

The unit is offering the notes in connection with Select's plan to pursue a separation of its wholly owned occupational health services business.

Concentra intends to use the $50 million net proceeds for general corporate purposes and to pay the remainder, together with the borrowings under its proposed new senior secured credit facility, to Select Medical ( SEM ) as a dividend.