HealthSouth Increases Share Buyback Authorization to $350M
HealthSouth Corporation (NYSE: HLS) today announced its board of directors approved an increase in the Company's existing common stock repurchase authorization from $125 million to $350 million. The Company intends to pursue a tender offer for its common stock for up to the full amount of this authorization, the timing and parameters of which will be dictated by market conditions. Any such tender offer would be funded with a combination of cash on hand and availability under the Company's $600 million revolving credit facility. Even if successful at the full amount authorized, any such tender offer would result in a modest impact on the Company's leverage ratio, with the resulting ratio remaining within the Company's target range. The Company believes the contemplated tender offer is consistent with its strategy of deploying financial resources towards long-term, shareholder value-creating opportunities.
About HealthSouthHealthSouth is the nation's largest owner and operator of inpatient rehabilitation hospitals in terms of patients treated and discharged, revenues, and number of hospitals. Operating in 27 states across the country and in Puerto Rico, HealthSouth serves patients through its network of inpatient rehabilitation hospitals, outpatient rehabilitation satellite clinics and home health agencies. HealthSouth's hospitals provide