S&P rates Global Medical loan, notes B

S&P said it assigned Global Medical Response Inc.’s proposed senior secured term loan due in 2025 and senior secured notes due in 2025 B ratings with recovery ratings of 3. The 3 recovery ratings indicate expectations for average (50%-70%; rounded estimate: 65%) recovery in the event of a payment default.

Proceeds are expected to be used to redeem the outstanding term loan maturing in March 2022. “The transaction is leverage neutral,” S&P said in a press release.

The agency rates the company at B with a stable outlook.

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