Published on 5/13/2011 in the Prospect News High Yield Daily.
New Issue: Emergency Medical Services sells $950 million eight-year notes at par to yield 8 1/8%
By Paul A. Harris
Portland, Ore., May 13 - Emergency Medical Services Corp. priced a $950 million issue of eight-year senior notes (Caa1/B-/) at par to yield 8 1/8% on Friday, according to an informed source.
The yield printed at the tight end of price talk, which had been set in the 8¼% area.
Barclays Capital Inc., Deutsche Bank Securities Inc., Bank of America Merrill Lynch, Morgan Stanley & Co. Inc., RBC Capital Markets, LLC, UBS Securities LLC, Citigroup Global Markets Inc. and Natixis Securities North America Inc. were the joint bookrunners.
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 is 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.
| Issuer: | CDRT Merger Sub, Inc. (Emergency Medical Services Corp.)
|
| Amount: | $950 million
|
| Maturity: | June 1, 2019
|
| Securities: | Senior notes
|
| Bookrunners: | Barclays Capital Inc., Deutsche Bank Securities Inc., Bank of America Merrill Lynch, Morgan Stanley & Co. Inc., RBC Capital Markets, LLC, UBS Securities LLC, Citigroup Global Markets Inc., Natixis Securities North America Inc.
|
| Coupon: | 8 1/8%
|
| Price: | Par
|
| Yield: | 8 1/8%
|
| Spread: | 536 bps
|
| Call features: | Make-whole call at Treasuries plus 50 bps until June 1, 2014, then callable at 106.094, 104.063, 102.031, par on and after June 1, 2017
|
| Equity clawback: | 35% at 108.125 until June 1, 2014
|
| Change-of-control put: | 101%
|
| Trade date: | May 13
|
| Settlement date: | May 25
|
| Ratings: | Moody's: Caa1
|
| Standard & Poor's: B-
|
| Distribution: | Rule 144A and Registration S with registration rights
|
| Price talk: | 8¼% area
|
| Marketing: | Roadshow
|
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