Davis Polk advised the administrative agent in connection with a $200 million delayed draw term loan facility for Magellan Pharmacy Services, Inc., a wholly owned subsidiary of Magellan Health, Inc., the proceeds of which will be used for working capital and general corporate purposes. The facility is guaranteed by substantially all of Magellan’s non-regulated subsidiaries and will mature on December 29, 2017.
Headquartered in Scottsdale, Arizona, Magellan is a leader in managing the fastest-growing, most complex areas of health, including special populations, complete pharmacy benefits and other specialty areas of health care. Magellan's customers include health plans and other managed care organizations, employers, labor unions, various military and governmental agencies and third-party administrators.
The Davis Polk credit team included partner Kenneth J. Steinberg and associate Samantha Hait. All members of the Davis Polk team are based in the New York office.