Emergency Medical Services talks $950 million eight-year senior notes with 8¼% area yield

By Paul A. Harris

Portland, Ore., May 12 - Emergency Medical Services Corp. talked its $950 million offering of eight-year senior notes (Caa1/B-) with a yield in the 8¼% area on Thursday, according to an informed source.

The books closed Thursday night, except for accounts on the West Coast of the United States.

The deal is set to price on Friday.

Barclays Capital Inc., Bank of America Merrill Lynch, Deutsche Bank Securities Inc., Morgan Stanley & Co. Inc., RBC Capital Markets, UBS Investment Bank, Citigroup Global Markets Inc. and Natixis Bleichroeder are the underwriters.

The Rule 144A and Registration S with registration rights notes become callable in three years at par plus 75% of the coupon.

The notes come with customary high-yield covenants.

Proceeds, along with a $1.725 billion credit facility and an equity contribution, will be used to fund the buyout of the company by Clayton, Dubilier & Rice LLC.

The issuing entity will be special purpose vehicle CDRT Merger Sub, Inc.

Emergency Medical Services 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.