RxBenefits launches $415 million term loan at Libor plus 475 bps

By Sara Rosenberg

New York, July 15 – RxBenefits Inc. (RXB Holdings Inc.) launched on Thursday its $415 million first-lien term loan due Dec. 18, 2027 with price talk of Libor plus 475 basis points with a 0.75% Libor floor, according to a market source.

Of the total term loan amount, $115 million is incremental debt that is talked with an original issue discount of 99.5, and the remaining $300 million is for a repricing and is talked with a par issue price, the source said.

The term loan has 101 soft call protection for six months.

Barclays, Deutsche Bank Securities Inc. and Goldman Sachs Bank USA are the bookrunners on the deal. Barclays is the administrative agent.

Commitments are due at noon ET on July 29, the source added.

Proceeds from the incremental amount will be used with a privately placed $45 million add-on second-lien term loan and rollover equity to fund an acquisition. The repricing will take the existing term loan down from Libor plus 525 bps with a 0.75% Libor floor.

Advent International and Great Hill Partners are the sponsors.

RxBenefits is a Birmingham, Ala.-based pharmacy benefits optimizer for the employee benefit industry.

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