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Express Scripts eyeing early September launch for new credit facility
By Sara Rosenberg
New York, Aug. 17 - Express Scripts Inc. is looking at possibly scheduling a bank meeting for either Sept. 7 or Sept. 8 to launch its proposed credit facility into syndication; however, timing is not yet finalized, according to a market source.
Credit Suisse First Boston and Citibank are joint lead arrangers on the deal.
Proceeds will be used for acquisition financing.
All other details on the loan including structure and price talk are expected to emerge in the next week or so, the source added.
On July 21, Express Scripts announced that it would acquire Orlando, Fla.-based pharmaceutical company Priority Healthcare Corp. in a cash transaction for $28 per share, or $1.3 billion.
The transaction is expected to close in the fourth quarter, subject to customary closing conditions, approval of Priority's stockholders and the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act.
Express Scripts is a St. Louis-based independent pharmacy benefits manager.
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