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Air Medical firms $313.1 million term loan B at Libor plus 400 bps
By Sara Rosenberg
New York, Dec. 18 - Air Medical Group Holdings Inc. set pricing on its $313.1 million term loan B at Libor plus 400 basis points, the wide end of the Libor plus 375 bps to 400 bps talk, according to a market source.
The 1% Libor floor, 101 soft call protection for six months and amortization of 1% per annum were unchanged.
Proceeds will be used to reprice an existing $258.1 million term loan B from Libor plus 525 bps with a 1.25% Libor floor, and the $55 million of incremental funds being raised will be used to refinance some of the company's 9¼% senior secured notes due in 2018.
The add-on term loan B saw its original issue discount firm at 991/2, versus talk of 99½ to par, while the repricing continues to be offered at par, the source added.
Barclays, Bank of America Merrill Lynch, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Morgan Stanley Senior Funding Inc. are the bookrunners on the deal.
Air Medical is a San Antonio, Texas-based provider of community-based air ambulance services.
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