HealthSouth Cuts Costs

HealthSouth has amended and restated its existing credit facility to reduce pricing and cut fees annually by almost $1 million.

  • 25 Mar 2005
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HealthSouth has amended and restated its existing credit facility to reduce pricing and cut fees annually by almost $1 million. The new deal consists of a five-year, $315 million term loan priced at LIBOR plus 2 1/2%, a five-year $250 million revolver priced at LIBOR plus 2 3/4% and $150 million in letter of credit facilities. The L/C breaks down into a $65 million facility priced at LIBOR plus 2 3/4% and an $85 million synthetic term loan priced at 2 1/2%. J.P. Morgan and Wachovia Capital Markets lead the deal. Deutsche Bank acted as arranger for the amended facility. A spokesman for HealthSouth refused to comment.

  • 25 Mar 2005

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Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 6,665 23 13.02
2 Citi 5,781 17 11.29
3 BNP Paribas 3,530 14 6.89
4 Barclays 2,853 9 5.57
5 Credit Suisse 2,783 8 5.44

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3 Wells Fargo Securities 72,661.39 222 9.61%
4 JPMorgan 52,367.24 169 6.93%
5 Credit Suisse 41,885.89 127 5.54%