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 Citi 3,691 11 20.69
2 Morgan Stanley 2,420 6 13.57
3 Goldman Sachs 2,096 5 11.75
4 BNP Paribas 1,686 6 9.45
5 Barclays 1,565 4 8.77

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 47,881.49 152 10.95%
2 JPMorgan 40,615.47 114 9.29%
3 Wells Fargo Securities 37,061.63 106 8.48%
4 Bank of America Merrill Lynch 32,097.67 104 7.34%
5 Credit Suisse 28,257.94 85 6.46%