Global Medical launches $3.57 billion term loan at SOFR plus 550 bps

By Sara Rosenberg

New York, April 18 – Global Medical Response Inc. held a lender call on Thursday to launch a $3.566 billion term loan due October 2028 (B3/B-) that is talked at SOFR plus 550 basis points, of which 75 bps is PIK if corporate ratings are B3/B- and 125 bps is PIK if corporate ratings are lower than B3/B-, according to a market source.

Also, the term loan is talked with an original issue discount of 99 that will be paid in PIK, the source said.

KKR Capital Markets is the left lead on the deal.

Commitments are due on April 29, the source added.

Proceeds will be used to amend and extend the company’s existing first-lien term loans maturing in March 2025 and October 2025.

Global Medical Response is a Lewisville, Tex.-based provider of medical transportation and response services.

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