GMR Solutions Inc. (GMR), a provider of emergency medical services, announced the pricing of its initial public offering of 31,914,893 Class A common shares at $15 per share.
The Shares are expected to begin trading on the New York Stock Exchange on May 13, under the symbol "GMRS".
The company has also granted the underwriters a 30-day option to purchase up to an additional 4,787,233 shares to cover over-allotments.
GMR plans to use the net proceeds to redeem certain outstanding shares of Series B preferred stock.
Remaining net proceeds, along with funds from a $500.0 million concurrent private placement transaction and cash on hand, will repay a portion of borrowings under Global Medical Response, Inc.'s first lien term loan due 2032, the company said in a statement.
The offering is expected to close on May 14.
J.P. Morgan, KKR Capital Markets LLC, BofA Securities, Barclays, Goldman Sachs & Co. LLC, Citigroup, Evercore ISI, Morgan Stanley, and UBS Investment Bank are acting as joint book-runners for the offering.
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