HealthSouth to sell $300 million eight-year notes in Monday drive-by

By Paul A. Harris

Portland, Ore., March 9 – HealthSouth Corp. plans to price a $300 million offering of eight-year senior notes (expected ratings Ba3/BB-) on Monday trailing a late-morning conference call with investors, according to a syndicate source.

SunTrust Robinson Humphrey Inc. is the left bookrunner for the public offering. Barclays, BofA Merrill Lynch, Citigroup Global Markets Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, RBC Capital Markets and Wells Fargo Securities LLC are the joint bookrunners.

The notes become callable after three years at par plus 75% of coupon.

The Birmingham, Ala.-based owner and operator of inpatient rehabilitation hospitals plans to use the proceeds to fund the redemption of its 8 1/8% senior notes due 2020.

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