September 28, 2009 (FinancialWire) — Select Medical Holdings Corp. (NYSE: SEM) has priced an initial public offering of 30 million shares of its common stock at $10 per share.

This is a primary offering of common shares by Select, with Goldman, Sachs (NYSE: GS), Morgan Stanley (NYSE: MS), BofA Merrill Lynch and J.P. Morgan Securities (NYSE: JPM) serving as joint bookrunners. The closing is scheduled for September 30.

Select said the underwriters will be granted a 30-day option to purchase an additional 4.5 million shares from Select.

The company plans to use the net proceeds to repay indebtedness and to make payments to executive officers under a long term cash incentive plan. Any remaining net proceeds will be used for general corporate purposes.

Mechanicsburg, Pennsylvania-based Select is an operator of specialty hospitals in the United States. As of June 30, the company 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.

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