Moody’s rates MedImpact loans B2

Moody’s Investors Service said it assigned B2 ratings to Mi OpCo Holdings, Inc.'s (MedImpact) senior secured first-lien term loan A due 2026 and senior secured first-lien revolving credit facility expiring in 2026. The agency also withdrew the B2 ratings on the previously planned senior secured first-lien revolving credit facility expiring in 2028 and senior secured first-lien delayed draw term loan due in 2029 following the company's decision to change the planned refinancing of its capital structure.

The agency also affirmed MedImpact’s B2 corporate family and B2-PD probability of default ratings.

“The affirmation of the ratings follows the announcement of a revised refinancing plan in conjunction with the acquisition of Rite Aid Corp.'s PBM business Elixir. As per the new capital structure, MedImpact will have a $330 million senior secured first-lien term loan A due 2026 (currently outstanding) and $625 million of senior secured first-lien term loan B,” Moody’s said in a press release.

The proceeds from this new facility will be used to fund the acquisition of Rite Aid's PBM business, pay associated fees and expenses and for general corporate purposes.

The outlook is stable.

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