$1.075 Billion Financing for Option Care's Combination with BioScrip, Inc.
8/8/2019

Davis Polk advised the administrative agent, joint lead arranger and joint bookrunner in connection with a $925 million first-lien term loan facility and a $150 million asset-based revolving facility. The facilities were provided to the parent of Option Care Enterprises, Inc., in connection with Option Care’s combination with BioScrip, Inc. In connection with such combination, the parent of Option Care further issued second-lien notes in an aggregate principal amount of $400 million. 

Option Care is an independent national provider of home and alternate treatment site infusion services, with a multidisciplinary team of more than 1,700 clinicians offering patient-centered therapy management, and is able to provide home infusion service coverage for nearly all patients across the United States needing treatment for complex and chronic conditions. 

BioScrip is an independent national provider of infusion and home care management solutions, with approximately 2,100 teammates and nearly 70 service locations across the United States. BioScrip partners with physicians, hospital systems, payors, pharmaceutical manufacturers and skilled nursing facilities to provide patients access to post-acute care services.

The Davis Polk credit finance team included partner Kenneth J. Steinberg and associates Scott M. Herrig and Phoebe Jin. Partner Pritesh P. Shah and associate S. Dream Montgomery provided intellectual property and technology advice. Counsel Jeanine P. McGuinness provided OFAC advice. Counsel David A. Zilberberg and associate Rachel Hoberman provided environmental advice. The tax team included partner Patrick E. Sigmon and associate Joseph Jarashow. Members of the Davis Polk team are based in the New York and Washington DC offices.