Emergency Medical sets talk for proposed $450 million five-year PIK-toggle notes

By Paul A. Harris and Aleesia Forni

Columbus, Ohio, Sept. 21 - CDRT Holding Corp. (Caa1/B-), the indirect parent of Emergency Medical Services Corp., has set price talk for its proposed $450 million senior PIK toggle notes due 2017 on Friday, according to a market source.

Price talk has been set at 9¼% cash coupon, 10% PIK coupon at 97 to 98 to yield 9 7/8% area cash coupon, 10½% area PIK coupon.

The books closed at 1:30 p.m. ET on Friday.

Bank of America Merrill Lynch, Morgan Stanley & Co. LLC, Barclays and Deutsche Bank Securities Inc. are the joint bookrunners for the Rule 144A for life deal.

The notes will be callable at 102 in years one and two, 104 in year three, 102 in year four and par after that.

Additionally, the notes carry a 101% poison put.

Proceeds will be used to fund a one-time dividend to shareholders.

Emergency Medical Services is a Greenwood Village, Colo.-based provider of health care transportation services and outsourced physician services to health care facilities.

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