Air Medical fixes terms in $1.92 billion loan repricings; commitments due Wednesday

By Paul A. Harris

Portland, Ore., Feb. 26 – Air Medical Group Holdings Inc. fixed terms in the repricing of about $1.921 billion of term loan debt, according to a market source.

The deal, as previously structured, includes a $933,371,662 senior secured covenant-light term loan B-1 due April 28, 2022.

In addition, the company is repricing a $984.75 million term loan B.

Both are set to reprice at Libor plus 325 basis points with a 1% Libor floor at par.

There is also an amendment that would create one fungible tranche.

Recommitments are due at noon ET on Wednesday.

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.

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

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