Air Medical firms $750 million add-on term B at Libor plus 400 bps

By Sara Rosenberg

New York, May 5 – Air Medical Group Holdings Inc. finalized pricing on its $750 million add-on covenant-light first-lien term loan B (B3) due April 28, 2022 at Libor plus 400 basis points, the high end of revised talk of Libor plus 375 bps to 400 bps and wide of initial talk of Libor plus 350 bps, according to a market source.

Also, the original issue discount on the add-on term loan was set at 99.5, the tight end of revised talk of 99.03 to 99.5 and initial talk of 99 to 99.5, the source said.

As before, the add-on term loan has a 1% Libor floor and 101 soft call protection for six months.

The add-on will be fungible with the company’s roughly $190 million term loan B-1 that was issued in 2016.

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.

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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