Air Methods enters $447.5 million restated revolver, term loan

By Marisa Wong

Madison, Wis., Dec. 17 - Air Methods Corp. entered into a second amended and restated revolving credit, term loan and security agreement for a $100 million revolving line of credit and a $347.5 million term loan, according to an 8-K filing with the Securities and Exchange Commission.

Air Methods entered into the amended credit agreement on Dec. 13 with KeyBank NA as administrative agent, lead arranger and bookrunner, PNC Bank, NA as joint lead arranger and documentation agent, BBVA Compass Bank as joint lead arranger and co-syndication agent and Bank of America, NA as joint lead arranger and co-syndication agent.

The credit agreement restates the company's amended and restated credit agreement dated July 5, 2011.

The second amended credit agreement allows the company to increase the revolving line of credit and/or the term loan by up to an additional $100 million in the future, subject to lender participation.

Borrowings are available for working capital; acquisitions, including the Blue Hawaiian Helicopters acquisition that closed on Monday; repayment of existing debt; and other general corporate purposes.

The credit agreement contains financial covenants, including covenants regarding outstanding indebtedness and maximum leverage and fixed charge coverage ratios.

The maturity date of the company's credit facility, July 5, 2016, was not amended, according to the filing.

The air medical transportation company is based in Englewood, Colo.

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