FOR IMMEDIATE RELEASE
Joseph F. Pesce, EVP and CFO
Concentra Managed Care, Inc.
(617) 367-2163, Ext. 5101
CONCENTRA MANAGED CARE, INC. ANNOUNCES THE SALE OF $200 MILLION OF CONVERTIBLE
Boston, MA (March 11, 1998)--Concentra Managed Care, Inc. (Nasdaq/NM:CCMC)
announced Wednesday the sale of a new issue of $200 million aggregate principal
amount of 4.50% Convertible Subordinated Notes due March 15, 2003 (the "Notes").
The Notes will be convertible into the Company's common stock, at the
option of the holder, at a conversion price of $41.25 per share, representing
a conversion premium of 25% over yesterday's closing price. The Notes have
been sold through a private placement under Rule 144A of the Securities Act
of 1933 ("the Act"), as amended.
The Company intends to use the proceeds from the sale of the Notes to
repay existing debt and for general corporate purposes.
Neither the Notes nor the common stock issuable upon conversion have
been registered under the Act and may not be offered or sold in the United
States except pursuant to an effective registration or an applicable
exemption from the registration requirements of the Act and applicable state
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any security and shall not constitute an
offer, solicitation or sale of any securities in any jurisdiction in which
such offering would be unlawful.
Concentra Managed Care, Inc. is the leading provider of fully-integrated
care management and cost-containment services to the workers' compensation
and auto-injury marketplace. The Company's continuum of services are
provided through its network of 140 occupational health centers, 123 field
case management offices and 83 specialty cost-containment locations.