Encompass Health launches $500 million private senior notes offering

Encompass Health Corp. (NYSE: EHC) announced it has commenced a private offering of $500 million in aggregate principal amount of senior notes maturing in 2034, subject to market and other conditions.

The company plans to use the net proceeds from the offering, along with available cash on hand, to redeem $400 million in aggregate principal amount of its outstanding 4.500% Senior Notes due 2028. The remaining funds will be used to repay $100 million of outstanding amounts under the company's senior secured revolving credit facility and to pay related fees and expenses.

The notes will be guaranteed on a senior unsecured basis by all of Encompass Health's existing and future subsidiaries that guarantee borrowings under the company's credit agreement and other capital markets debt.

The offering will be limited to qualified institutional buyers in the United States under Rule 144A of the Securities Act of 1933, and to certain non-U.S. persons in transactions outside the United States under Regulation S. The notes have not been registered under the Securities Act or any state securities laws.

Encompass Health operates as the largest owner and operator of inpatient rehabilitation hospitals in the United States, with 175 hospitals in 39 states and Puerto Rico.

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