Onex to launch new B loan, bonds in January for AMR and EmCare acquisitions

By Sara Rosenberg

New York, Dec. 6 - Onex Partners LP plans on getting about $590 million between term loan B debt and high-yield bonds to help fund its acquisition of American Medical Response Inc. (AMR) and EmCare Inc., according to a company spokesman.

Bank of America and JPMorgan are the lead banks on both debt transactions, with Bank of America the left lead.

Both the bank meeting to launch the credit facility for syndication and the roadshow to kick off the bond deal are expected to take place in January with closing targeted for February, the spokesman said.

The size of the term loan B and the bond deal have not yet been determined.

In addition to the term loan B, the company will be getting a new revolver that will be undrawn at closing. It is assumed that the revolver will be sized somewhere in the $75 million area, the spokesman added.

Onex is acquiring the two companies from Laidlaw International Inc. for $820 million - which includes the assumption of about $11 million or $12 million of capital lease debt. Onex will contribute $215 million in equity for acquisition financing as well.

American Medical Response is a Denver-based provider of ambulance transport services. EmCare is a Dallas-based provider of outsourced hospital emergency department physician staffing and management services.

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