Contact: Thomas E. Kiraly
Executive Vice President and
Chief Financial Officer
(617) 367-2163, Ext. 5101
CONCENTRA COMPLETES TENDER OFFER FOR SUBORDINATED NOTES
BOSTON, Mass. (August 17, 1999) - Concentra Managed Care, Inc.
(Nasdaq/NM: CCMC) today announced that it has completed previously announced
tender offers to purchase all of its outstanding 6% Convertible Subordinated
Notes due 2001 and its 4.5% Convertible Subordinated Notes due 2003. The tender
offers expired at 5:00 p.m., New York City time, today. As of the expiration
time of the tender offers, approximately $97,560,000 principal amount of the 6%
Convertible Subordinated Notes, representing approximately 99.8% of such
outstanding notes, and approximately $200,400,000 principal amount of the 4.5%
Convertible Subordinated Notes, representing approximately 87.1% of such
outstanding notes, had been tendered and accepted for payment.
Concentra is the leading provider and comprehensive outsource solution
for cost containment and fully integrated care management in the occupational,
auto, and group healthcare markets. Concentra offers prospective and
retrospective services to employers and insurers of all sizes, providing
pre-employment testing, loss prevention services, first report of loss, injury
care, specialist networks and specialized cost containment to the disability and
automobile injury markets. Currently, the Company operates the nation's largest
network of occupational healthcare centers, managing the practices of
approximately 343 physicians located in 201 centers in 61 markets in 32 states.
The Company has approximately 1,100 field case managers who provide medical
management and return to work services in 49 states, the District of Columbia,
and Canada. The Company also has 84 service locations that provide specialized
cost containment services including utilization management, telephonic case
management, first notice of loss reporting, and retrospective bill review.
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