RxBenefits launches $300 million term loan at Libor plus 525-550 bps

By Sara Rosenberg

New York, Dec. 3 – RxBenefits Inc. (RXB Holdings Inc.) launched on Thursday its $300 million seven-year first-lien term loan with price talk of Libor plus 525 basis points to 550 bps with a 0.75% Libor floor and an original issue discount of 98, according to a market source.

The first-lien term loan has 101 soft call protection for six months, the source said.

Commitments are due at noon ET on Dec. 17, the source added.

The company is also getting a $120 million privately placed second-lien term loan.

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

Proceeds will be used to fund a recapitalization of the company by Advent International and Great Hill Partners.

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

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