AMR, EmCare $450 million credit facility to launch next week

By Sara Rosenberg

New York, Jan. 5 - American Medical Response Inc. (AMR), EmCare Inc. is expected to hold a bank meeting next week to launch its proposed $450 million credit facility, according to a market source.

Bank of America and JPMorgan are the lead banks on the deal, with Bank of America the left lead.

The facility consists of a $100 million revolver and a $350 million institutional term loan with price talk of Libor plus 250 basis points, the source said.

Proceeds will be used to help fund Onex Partners LP's acquisition of AMR and EmCare 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.

AMR 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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