HealthSouth sets talk for $290 million offering of 10-year notes at 8¼%-8½%; pricing Tuesday

By Paul A. Harris

St. Louis, Nov. 16 - HealthSouth Corp. set price talk for its $290 million offering of 10-year senior notes (expected Caa1/CCC+) at 8¼% to 8½% on Monday, according to informed sources.

Pricing is set for Tuesday morning.

J.P. Morgan Securities Inc., Barclays Capital Inc. and Goldman Sachs & Co. are joint bookrunners for the notes, which have been registered with the Securities & Exchange Commission.

The notes come with five years of call protection.

Proceeds will be used to fund the tender for the company's floating-rate notes due 2014.

HealthSouth is a Birmingham, Ala.-based operator of inpatient rehabilitation hospitals.

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