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.
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