BIRMINGHAM, Ala., June 27 /PRNewswire-FirstCall/ -- HealthSouth Corporation (the "Company") (NYSE: HLS - News) today announced it has finalized the issuance and sale of 8.8 million shares of common stock of the Company to J.P. Morgan Securities Inc. for net proceeds of approximately $150 million. The Company will use the net proceeds of the offering primarily for redemption and repayment of short-term or long-term borrowings. Amounts not used to reduce debt will be used for general corporate purposes including acquisitions of or investments in businesses or assets, capital expenditures, and working capital."The closing of this transaction represents another step taken to continue to reduce our total debt outstanding, deleverage our balance sheet, and reduce our cash interest obligations," said HealthSouth President and Chief Executive Officer, Jay Grinney. "By doing so, we will be able to apply more of the cash that our business generates to invest in growth opportunities and for other general corporate purposes."
About HealthSouth
HealthSouth is the nation's largest provider of inpatient rehabilitation services. Operating in 26 states across the country and in Puerto Rico, HealthSouth serves more than 250,000 patients annually through its network of inpatient rehabilitation hospitals, long-term acute care hospitals, outpatient rehabilitation satellites, and home health agencies. HealthSouth strives to be the nation's preeminent provider of inpatient rehabilitation services.
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