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Summit Health trades up with acquisition news; OpenText, Gates, Spirit AeroSystems set talk
By Sara Rosenberg
New York, Nov. 7 – Summit Health-CityMD’s term loan headed higher in the secondary market on Monday following an announcement that the company is being purchase by VillageMD.
Summit Health’s term loan rose to 99 bid, par offered on Monday from 98¼ bid, 99¼ offered on Friday after news emerged that the company is being bought by VillageMD, a market source said.
The acquisition is valued at about $8.9 billion split between $7 billion equity value and $1.9 billion of net debt, with investments from Walgreens Boots Alliance Inc. and Evernorth, a subsidiary of Cigna Corp.
Walgreens will invest $3.5 billion through an even mix of debt and equity to support the acquisition, and will remain the largest and consolidating shareholder of VillageMD with about 53% ownership.
And, in the primary market, OpenText Corp., Gates Global and Spirit AeroSystems released price talk on their term loan transactions in connection with their lender calls, and Delek US Holdings Inc. joined this week’s new issue calendar.
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