NOTE 11 – LONG-TERM DEBT

Long-term debt consisted of the following as of June 30, 2026 and December 31, 2025 (in thousands):

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As of June 30, 2026, the maximum available under the asset-based revolving credit facility (the “ABL Facility”) was $800.0 million. As of June 30, 2026, letters of credit outstanding, which impact the available credit under the ABL Facility, were $103.7 million, and the maximum amount available to draw under the ABL Facility was $696.3 million. These letters of credit primarily secure the obligations of the operations of AMR Holdco, Inc. (“AMR”), a ground ambulance provider, and the Company’s captive insurance program. At each of June 30, 2026 and December 31, 2025, the Company had not drawn on the ABL Facility.

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As part of the IPO on May 14, 2026, the Company paid down approximately $670.0 million of outstanding borrowings under the senior secured term loan due 2032.

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On May 18, 2026, Moody’s upgraded GMR’s corporate family rating to B1 from B2. Pursuant to the terms of the Company’s senior secured term loan due 2032, the ratings upgrade resulted in a 25 basis point reduction in the applicable interest rate, effective upon the upgrade.