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Air Medical sells $55 million add-on term loan at premium of par ½
By Sara Rosenberg
New York, Jan. 24 - Air Medical Group Holdings Inc. got a new $55 million add-on term loan that is priced at Libor plus 525 basis points with a 1.25% Libor floor and was sold at par 1/2, according to a market source.
The spread and floor on the add-on match existing term loan pricing, and it has the same soft call protection of 102 through December 2013 and 101 through December 2014.
The add-on is fungible with the existing term loan.
Barclays led the deal.
Proceeds were used to call 10% of the company's existing notes, the source added.
Total leverage is 4.8 times.
Air Medical is a Boca Raton, Fla.-based provider of emergency air medical services.
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