Air Medical sets spread on $205 million loan at Libor plus 525 bps

By Sara Rosenberg

New York, Nov. 28 - Air Medical Group Holdings Inc. firmed pricing on its $205 million 51/2-year senior secured term loan (B2/B) at Libor plus 525 basis points, the tight end of the Libor plus 525 bps to 550 bps talk, according to a market source.

The 1.25% Libor floor, original issue discount of 99 and soft call protection of 102 in year one and 101 in year two were left unchanged.

Barclays Capital Inc., J.P. Morgan Securities LLC, Morgan Stanley Senior Funding Inc., Bank of America Merrill Lynch and Citigroup Global Markets Inc. are the bookrunners on the deal.

Commitments were due at 5 p.m. ET on Wednesday.

Allocations are expected to go out on Thursday afternoon, the source said.

Proceeds will be used to fund the acquisition of Reach Medical Holdings LLC, a Santa Rosa, Calif.-based provider of air medical transport services.

Total leverage is 4.8 times.

Air Medical is a Boca Raton, Fla.-based provider of emergency air medical services.

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