$604 Million Financing For MedImpact Healthcare Systems’ “Stalking Horse” Bid To Acquire Rite Aid’s Elixir

Shearman & Sterling advised Bank of America, as Administrative Agent and Lead Arranger, on an amendment and restatement of MI OpCo Holdings, Inc.’s existing approx. $300 million term loan A facility and $125 million revolving credit facility to, among other things, establish a new $604 million senior secured seller financing, in the form of a delayed draw term loan B facility, provided by Rite Aid Corporation. The financing is being provided in connection with MedImpact Healthcare Systems, Inc.’s “stalking horse” bid to acquire Rite Aid’s Elixir business, pursuant to Rite Aid’s court-supervised sale process under section 363 of the U.S. Bankruptcy Code, and Rite Aid’s financial restructuring under Chapter 11 of the U.S. Bankruptcy Code. 
 
Headquartered in San Diego California, MedImpact Healthcare Systems, Inc. provides pharmacy benefit management services. Rite Aid Corporation, headquartered in Philadelphia, Pennsylvania, through its subsidiaries, operates a chain of retail drugstores in the United States.