Air Medical launches $933 million term loan B-1 at Libor plus 325 bps

By Sara Rosenberg

New York, Feb. 21 – Air Medical Group Holdings Inc. held a lender call at 11:30 a.m. ET on Wednesday to launch a $933,371,662 senior secured covenant-light term loan B-1 due April 28, 2022 that is talked at Libor plus 325 basis points with a step-up to Libor plus 350 bps when first-lien secured net leverage is greater than 4.25 times, a 1% Libor floor and a par issue price, according to a market source.

The term loan B-1 will become fungible with the company’s existing roughly $985 million term loan B and the combined tranche will include 101 soft call protection for six months, the source said.

Amortization on the term loan B-1 is 1% per annum.

Morgan Stanley Senior Funding Inc. and KKR Capital Markets LLC are the joint lead arrangers and bookrunners on the deal.

Proceeds will be used to reprice an existing term loan B-1.

Commitments/consents are due at 5 p.m. ET on Monday, the source added.

Air Medical is a Dallas-based provider of air and ground ambulance programs.

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