Air Medical lifts price talk on $750 million add-on term loan B

By Sara Rosenberg

New York, May 4 – Air Medical Group Holdings Inc. increased price talk on its $750 million add-on covenant-light first-lien term loan B (B3) due April 28, 2022 to a range of Libor plus 375 basis points to 400 bps from Libor plus 350 bps, according to a market source.

Also, original issue discount talk on the add-on term loan was changed to a range of 99.03 to 99.5 from a range of 99 to 99.5, the source said.

The add-on term loan still has a 1% Libor floor and 101 soft call protection for six months.

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.

Recommitments were scheduled to be due at 4 p.m. ET on Thursday, 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.

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