HealthSouth redeems $5 million of 10¾% senior notes with cash from revolver

By Devika Patel

Knoxville, Tenn., May 6 - HealthSouth Corp. announced that during the first quarter it used drawdowns under its revolving credit facility to redeem about $5 million of its 10¾% senior notes due 2016, which carry a higher interest rate than borrowings under the credit agreement.

During April, the company temporarily used the entire net proceeds from the sale of its corporate campus to pay down its borrowings under the revolver.

The company also said it expects to use the cash from its federal and state income tax refunds to reduce debt further.

HealthSouth is a Birmingham, Ala.-based provider of inpatient rehabilitation services.

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