Air Medical launches $750 million add-on term loan B at 99-99.5 OID

By Sara Rosenberg

New York, April 21 – Air Medical Group Holdings Inc. launched on Friday its fungible $750 million add-on covenant-light first-lien term loan B due April 28, 2022 with price talk of Libor plus 350 basis points with a 1% Libor floor and an original issue discount of 99 to 99.5, according to a market source.

The add-on and the existing term loan B will get 101 soft call protection for six months, the source said. The call protection will not apply to the company’s existing term loan B-1.

Amortization on the term loan is 1% per annum.

Morgan Stanley Senior Funding Inc., KKR Capital Markets LLC, Jefferies Finance LLC, Nomura Securities International Inc. and Wells Fargo Securities LLC are the joint lead arrangers and bookrunners on the deal.

Commitments are due at 5 p.m. ET on May 3, the source added.

Proceeds will be used to fund the acquisition of Air Medical Resource Group, a South Jordan, Utah-based provider of air medical services, management, and experience in the air medical industry.

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.