| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers E > Headlines for Emergency Medical Services Corp. > News item |
Emergency Medical Services' $950 million bonds expected April business as bank deal delayed
By Paul A. Harris and Sara Rosenberg
Portland, Ore., March 16 - Emergency Medical Services Corp. is expected to bring its $950 million offering of senior notes in April, rather than in March, as had previously been expected, a market source said on Wednesday.
Meanwhile the company postponed the launch of its $1.725 billion credit facility, with the expectation being that the bank meeting will take place during the week of April 4.
Previously, a bank meeting had been set to take place on March 17.
The source said that delay is happening because the Securities and Exchange Commission "decided to review the proxy"
Barclays Capital Inc., Deutsche Bank Securities Inc., Bank of America Merrill Lynch, Morgan Stanley & Co. Inc., RBC Capital Markets and UBS Investment Bank are leading the debt financing.
Proceeds will be used to help fund the buyout of the company by Clayton, Dubilier & Rice LLC for $64 in cash per share of common stock and exchangeable unit. The transaction is valued at $3.2 billion.
Other funds for the transaction will come from up to $900 million of equity.
Closing on the acquisition is expected in the second quarter, subject to customary conditions, including regulatory approvals and approval by the company's stockholders. Onex Corp. and the holders of the company's LP exchangeable units have sufficient voting power to approve the buyout and have agreed to vote in favor of adoption of the agreement.
Emergency Medical is a Greenwood Village, Colo.-based provider of health care transportation services and outsourced physician services to health care facilities.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.