Air Medical/American Medical plans new secured debt for merger

By Sara Rosenberg

New York, Aug. 10 – Air Medical Group Holdings/American Medical Response has received a commitment for secured debt financing to help fund the combination of the two companies, according to an 8-K filed with the Securities and Exchange Commission on Thursday.

Morgan Stanley Senior Funding Inc., Goldman Sachs Bank USA, Jefferies LLC, Bank of America Merrill Lynch, Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc. and Nomura Securities International Inc. provided the secured debt commitment.

Other funds for the transaction will come from an unsecured debt commitment from PSP Investments Credit USA LLC and Ares Capital Management LLC, and equity.

The transaction will be structured as a cash acquisition of American Medical Response from Envision Healthcare Corp. valued at $2.4 billion.

Closing is expected in the fourth quarter, subject to regulatory approval and customary closing conditions.

Air Medical Group, a KKR portfolio company, is a Dallas-based provider of air and ground ambulance programs. American Medical Response is a Greenwood Village, Colo.-based medical transportation company.

Upon completion of the transaction, the combined company will adopt a new name.

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