Trio Leads HealthSouth

JPMorgan, Citigroup and Merrill Lynch are leading syndication of a $3.85 billion refinancing deal for HealthSouth Corp.

  • 10 Feb 2006
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JPMorgan, Citigroup and Merrill Lynch are leading syndication of a $3.85 billion refinancing deal for HealthSouth Corp. The company is using the financing to pay back close to $3 billion in loans and bonds. Syndication was launched at a bank meeting last Thursday.

The deal breaks down into a seven-year, $2.05 billion term loan and a six-year, $500 million revolving credit facility, according to a filing with the Securities and Exchange Commission. Pricing will be based on ratings. If the deal gets a rating of B+ or higher from Standard & Poor's and a rating of B1 or higher from Moody's Investors Service, pricing will be set at LIBOR plus 2 1/4%. A lower rating will result in pricing of LIBOR plus 2 1/2%. HealthSouth also proposed a $1.3 billion bridge loan with pricing at LIBOR plus 4 1/2%.

Based in Birmingham, Ala., HealthSouth is one of the largest U.S. healthcare service providers. It has facilities throughout the U.S., Puerto Rico and Australia. A spokeswoman at HealthSouth declined comment, as did spokesmen at JPMorgan, Citigroup and Merrill Lynch.

  • 10 Feb 2006

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 BNP Paribas 13,295 25 18.26
2 Bank of America Merrill Lynch (BAML) 8,059 25 11.07
3 Lloyds Bank 6,979 21 9.59
4 Citi 6,256 16 8.59
5 JP Morgan 5,220 8 7.17

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 104,581.71 299 10.92%
2 Bank of America Merrill Lynch 86,347.40 249 9.01%
3 JPMorgan 80,990.39 237 8.46%
4 Wells Fargo Securities 77,934.65 225 8.14%
5 Credit Suisse 63,570.21 165 6.64%