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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): MARCH 21, 2000
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CONCENTRA OPERATING CORPORATION
(Exact name of Registrant as specified in its charter)
Nevada 001-15699 75-282260
(State or other (Commission File Number) (I.R.S. Employer
jurisdiction Identification Number)
of incorporation)
5080 Spectrum Drive
Suite 400 - West Tower 75001
Addison, Texas (Zip code)
(Address of principal
executive offices)
Registrant's telephone number, including area code: (972) 364-8000
Not Applicable
(former address if changed since last report)
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Item 5. Other Events
See the press release attached hereto as Exhibit 99.1 dated March 21, 2000
announcing Concentra Operating Corporation's amendments to its $475 million
senior credit facilities.
Item 7. Financial Statements and Exhibits
(c) Exhibits
99.1 Press Release of the Registrant dated March 21, 2000
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
CONCENTRA OPERATING CORPORATION
(Registrant)
By: /s/ Richard A. Parr II
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Name: Richard A. Parr II
Title: Executive Vice President, General Counsel
& Secretary
Date: March 22, 2000
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INDEX TO EXHIBITS
EXHIBIT
NUMBER
99.1 Press Release of Registrant dated March 21, 2000
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EXHIBIT 99.1
Contacts: Daniel J. Thomas Thomas E. Kiraly
President and Executive Vice President and
Chief Executive Officer Chief Financial Officer
(781) 906-5102 (972) 364-8217
CONCENTRA OPERATING CORPORATION
ANNOUNCES AMENDMENTS TO ITS $475 MILLION SENIOR CREDIT FACILITIES
BOSTON, Mass. (March 21, 2000) - Concentra Operating Corporation
("Concentra") today announced that lenders participating in the Company's $475
million senior secured credit facilities have agreed to amend certain financial
covenants in the underlying loan documents. As a part of this amendment, the
Company's lenders have adjusted the financial ratios to provide Concentra with
additional flexibility to operate and grow its business. These amendments to
the Company's senior credit facilities will modify existing leverage ratio
requirements through 2002 and interest coverage requirements through 2003.
Concentra sought changes to these covenants to bring them more in line with the
Company's current operating trends and prevailing interest rates.
Concentra Operating Corporation is the successor to and a wholly owned
subsidiary of Concentra Managed Care, Inc. 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
facilities, with 214 centers located in 63 markets in 32 states. The Company has
approximately 1,050 field case managers who provide medical management and
return to work services in 50 states, the District of Columbia, and Canada.
This press release contains certain forward-looking statements, which the
Company is making in reliance on the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Investors are cautioned that all
forward-looking statements involve risks and uncertainties, and that the
Company's actual results may differ materially from the results discussed in the
forward-looking statements. Factors that could cause or contribute to such
differences include, but are not limited to, the potential adverse impact of
governmental regulation on the Company's operations, completion of the Company's
annual audit, interruption in its data processing capabilities, operational
financing and strategic risks related to the Company's growth strategy, possible
fluctuations in quarterly and annual operations, and possible legal liability
for adverse medical consequences, competitive pressures, adverse changes in
market conditions for the Company's services, and dependence on key management
personnel. Additional factors include those described in the Company's filings
with the Securities and Exchange Commission.
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