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Published on 12/11/2013 in the Prospect News Bank Loan Daily.

Air Medical launches $313.1 million term B at Libor plus 375-400 bps

By Sara Rosenberg

New York, Dec. 11 - Air Medical Group Holdings, Inc. held a call at 2 p.m. ET on Wednesday to launch a $313.1 million term loan B that is talked at Libor plus 375 basis points to 400 bps with a 1% Libor floor, according to a market source.

Proceeds will be used to reprice an existing $258.1 million term loan B from Libor plus 525 bps with a 1.25% Libor floor, and the $55 million of incremental funds being raised will be used to refinance some of the company's 9¼% senior secured notes due in 2018.

The repricing is offered at par and the add-on term loan B debt is offered at 99½ to par, the source said.

The term loan B has 101 soft call protection for six months and amortization of 1% per annum.

Barclays, Bank of America Merrill Lynch, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Morgan Stanley Senior Funding Inc. are the bookrunners on the deal.

Commitments are due at 5 p.m. ET on Tuesday, the source added.

Air Medical is a San Antonio, Texas-based provider of community-based air ambulance services.


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