Envision to launch $175 million add-on term loans on Tuesday

By Sara Rosenberg

New York, Aug. 4 – Envision Pharmaceutical Holdings LLC is scheduled to hold a call on Tuesday to launch $175 million in add-on term loans, according to a market source.

J.P. Morgan Securities LLC is the lead bank on the deal.

The debt consists of a $125 million add-on first-lien term loan (B2) talked at Libor plus 475 basis points with a 1% Libor floor and an original issue discount of 99 to 99½, and a $50 million add-on second-lien term loan (Caa2) talked at Libor plus 875 bps with a 1% Libor floor and discount of 99½, the source said.

Proceeds will be used to fund the acquisition of MedTrak Services LLC.

Closing is expected in the third or fourth quarter, subject to customary conditions and regulatory clearances.

Envision, a portfolio company of TPG, is a Twinsburg, Ohio-based full-service pharmacy benefit management company. MedTrak is an Overland Park, Kan.-based pharmacy benefit management company.

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