HealthSouth to repay portion of term loan due 2013

By Angela McDaniels

Tacoma, Wash., June 24 - HealthSouth Corp. plans to repay a portion of the borrowings under its term loan due 2013, according to a 424B5 filing with the Securities and Exchange Commission.

The company is planning a stock offering for 8.8 million shares and is required under the terms of its credit agreement to use 25% of the net proceeds to pay down the term loan.

Proceeds will also be used to retire $30.3 million of HealthSouth's 10¾% senior subordinated notes due Oct. 1, 2008 and for general corporate purposes.

HealthSouth is a Birmingham, Ala.-based provider of ambulatory surgery and rehabilitative health care services.

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