RxBenefits cuts spread on $415 million loan to Libor plus 450 bps

By Sara Rosenberg

New York, July 27 – RxBenefits Inc. (RXB Holdings Inc.) reduced pricing on its $415 million first-lien term loan due Dec. 18, 2027 to Libor plus 450 basis points from Libor plus 475 bps, according to a market source.

Of the total term loan amount, $115 million is incremental debt and the remaining $300 million is for a repricing.

The original issue discount on the incremental piece was tightened to 99.75 from 99.5, the source said.

The issue price on the repricing piece remained at par.

As before, the term loan has a 0.75% Libor floor and 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.

Recommitments were scheduled to be due at 5 p.m. ET on Tuesday, 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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