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HealthSouth Announces Pricing Of $275 Million Senior Notes Offering Due 2024

BIRMINGHAM, Ala., Sept. 6, 2012 /PRNewswire/ -- HealthSouth Corporation (NYSE: HLS) today announced the pricing of its underwritten public offering of $275 million in aggregate principal amount, which represents an increase of $25 million over the amount initially offered, of 5.75% senior notes due 2024 at a public offering price of 100% of the principal amount. The Company will pay interest on the notes semi-annually in arrears on May 1 and November 1 of each year, beginning on May 1, 2013, for the senior notes due 2024. The notes will be jointly and severally guaranteed on a senior unsecured basis by all of its existing and future subsidiaries that guarantee borrowings under the Company's credit agreement and other capital markets debt.

The Company believes this notes issuance is consistent with its strategy of opportunistically accessing new debt capital when the Company believes market conditions are highly attractive.  With this offering, the Company believes it has raised long-term, non-amortizing funds at an attractive interest rate. With the proceeds of this offering, the Company can repay the amounts currently drawn on its revolving credit facility, which will enhance the Company's capacity and flexibility to pursue growth and recapitalization strategies.  The Company believes it will have opportunities to invest capital in a manner that offsets any dilution in the earnings per share associated with this offering. The offering is expected to close on September 11, 2012 and is conditioned on the satisfaction of customary closing conditions.

Wells Fargo Securities; Barclays; BofA Merrill Lynch; Citigroup; Goldman, Sachs & Co.; J.P. Morgan; Morgan Stanley; RBC Capital Markets; and SunTrust Robinson Humphrey are acting as joint bookrunning managers of the senior notes offering.

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