Air Medical sets Wednesday deadline for $920 million seven-year term loan B

By Paul A. Harris

Portland, Ore., April 10 – Commitments are due on Wednesday for the Air Medical Group Holdings Inc. $920 million seven-year term loan B (B2), according to a market source.

The deal is in the market with price talk of Libor plus 400 basis points with a 1% Libor floor and an original issue discount of 99 to 99˝.

The term loan has 101 soft call protection for six months, the source said.

Along with the term loan, the company’s $1,095,000,000 senior credit facility includes a $175 million ABL facility.

And, the company has also received a commitment for a $460 million unsecured bridge loan.

Morgan Stanley Senior Funding Inc., Jefferies Finance LLC, KKR Capital Markets LLC, Nomura Securities International Inc. and MCS Capital Markets LLC are the joint lead arrangers and bookrunners on the term loan B, and Bank of America Merrill Lynch, Morgan Stanley, Jefferies, KKR, Nomura and MCS are the joint lead arrangers on the ABL facility.

Proceeds will be used to help fund the buyout of the company by KKR from Bain Capital and Brockway Moran & Partners.

Closing is expected in the second quarter, subject to customary regulatory approvals.

Air Medical is a Lewisville, Texas-based provider of air ambulance services.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.