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MedImpact sets price talk for $225 million seven-year secured notes
By Paul A. Harris
Portland, Ore., Jan. 31 - MedImpact Holdings, Inc. talked a $225 million offering of seven-year senior secured notes (Caa2) to yield 10½% to 10¾% with 1 to 1.5 points of original issue discount on Monday, according to an informed source.
There were also covenant changes.
The books are scheduled to close at 2 p.m. ET on Tuesday.
Credit Suisse, Bank of America Merrill Lynch and Jefferies & Co. are the joint bookrunners.
The notes come with four years of call protection.
The San Diego-based pharmacy benefits management company will use the proceeds to repay third-party claims and revolver debt, as well as for general corporate purposes and to fund a dividend.
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