HealthSouth Declares Dividend on 6.5% Series A Convertible Perpetual Preferred
BIRMINGHAM, Ala., Sept. 12, 2013
BIRMINGHAM, Ala., Sept. 12, 2013 /PRNewswire/ --HealthSouth Corporation
(NYSE:HLS) today announced that its board of directors has declared a
quarterly cash dividend of $16.25 per share on its 6.5% Series A Convertible
Perpetual Preferred Stock, payable on October 15, 2013, to holders of record
on October 1, 2013.
As previously announced, HealthSouth's board of directors also has declared an
initial quarterly cash dividend on its common stock of $0.18 per share payable
on October 15, 2013, to holders of record on October 1, 2013.
The 6.5% Series A Convertible Perpetual Preferred Stock is currently
convertible, at the option of the holder, at any time into shares of common
stock at an initial conversion rate of 32.7869 shares of common stock per
share of preferred stock and also includes antidilutive protection that
provides for an increase in the number of shares of common stock issuable upon
conversion resulting from common stock dividends after a de minimis threshold.
The already declared payment in October of an $0.18 per share dividend on
HealthSouth's common stock will not trigger the antidilutive adjustment
because such amount would result in a de minimis adjustment of less than 1%
under the terms of the preferred stock. Subsequent declaration and payment of
dividends on HealthSouth common stock will likely require an adjustment.
HealthSouth 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 28 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 a higher level of
rehabilitative care to patients who are recovering from conditions such as
stroke and other neurological disorders, cardiac and pulmonary conditions,
brain and spinal cord injuries, complex orthopedic conditions, and
amputations. HealthSouth can be found on the Web at www.healthsouth.com.
Casey Lassiter, 205-410-2777
Investor Relations Contact
Mary Ann Arico, 205-969-6175
SOURCE HealthSouth Corporation
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