GMR Announces Closing of Comprehensive Financing Plan
5.20.2024
GMR announced it has closed a previously announced comprehensive refinancing transaction that provides meaningful new equity investment from existing and new investors, significantly reduces the Company’s debt and extends existing debt maturities to October 2028.
Global Medical Response (“GMR” or “the Company”) today announced it has closed a previously announced comprehensive refinancing transaction that provides meaningful new equity investment from existing and new investors, significantly reduces the Company’s debt and extends existing debt maturities to October 2028. GMR’s continued strong financial performance supported the transaction.
As a result of the transaction, GMR received a credit rating upgrade from Moody’s to B3 (stable) and expects to receive an upgrade from S&P to B- (stable) shortly after close. The Company also maintains strong liquidity with approximately $578mm of cash and other liquidity available (as of the end of Q1) to fund operations and strategic growth initiatives.
“We are very pleased with the successful completion of this transaction, which further strengthens our financial position and provides additional flexibility to pursue growth initiatives and continue to do what we do best – saving lives,” says GMR CEO Nick Loporcaro. “We are better positioned than ever to execute on our long-term growth priorities and serve our communities.”
Chief Financial Officer, Brian Tierney commented, “We appreciate the continued strong support from our investors and lenders; and look forward to continuing the strong financial performance.”
As a result of the transaction, GMR received a credit rating upgrade from Moody’s to B3 (stable) and expects to receive an upgrade from S&P to B- (stable) shortly after close. The Company also maintains strong liquidity with approximately $578mm of cash and other liquidity available (as of the end of Q1) to fund operations and strategic growth initiatives.
“We are very pleased with the successful completion of this transaction, which further strengthens our financial position and provides additional flexibility to pursue growth initiatives and continue to do what we do best – saving lives,” says GMR CEO Nick Loporcaro. “We are better positioned than ever to execute on our long-term growth priorities and serve our communities.”
Chief Financial Officer, Brian Tierney commented, “We appreciate the continued strong support from our investors and lenders; and look forward to continuing the strong financial performance.”
