By Paul A. Harris
St. Louis, Jan. 27 - AMR Holdco Inc. in conjunction with EmCare Holdco Inc. priced $250 million of 10-year senior subordinated notes (Caa1/B-) at par to yield 10%, according to an informed source.
Price talk was 9½% to 9¾%.
Banc of America Securities LLC and JP Morgan were joint bookrunners for the Rule 144A offering.
The company is also obtaining a $350 million seven-year term loan and a $100 million six-year revolving credit facility (both rated B+).
Proceeds will be used to help fund the acquisition by Onex Partners of Laidlaw Inc.'s two healthcare companies, American Medical Response and EmCare.
The issuer is a Greenwood Village, Colo.-based provider of ambulance transport services.
| Issuer: | AMR Holdco Inc./EmCare Holdco Inc.
|
| Amount: | $250 million
|
| Maturity: | Feb. 15, 2015
|
| Security description: | Senior subordinated notes
|
| Bookrunners: | Banc of America Securities LLC, JP Morgan
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Spread: | 579 basis points
|
| Call features: | Callable after Feb. 15, 2010 at 105.0, 103.333, 101.667, par on and after Feb. 15, 2013
|
| Equity clawback: | Until Feb. 15, 2008 for 35% at 110.0
|
| Trade date: | Jan. 27
|
| Settlement date: | Feb. 10
|
| Ratings: | Moody's: Caa1
|
| Standard & Poor's: B-
|
| Price talk: | 9½%-9¾%
|
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