IFLR1000

Rite Aid $2 billion acquisition of Envision Pharmaceutical Services

24/6/2015
Acquisition finance, High-yield bond/note issue, Private acquisition
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$ 2 billion

Completed

24/6/2015

Overview:

  • Rite Aid has completed its $2 billion acquisition of Envision Pharmaceutical Services.
  • Envision was sold by private equity firm TPG Capital. 
  • Rite Aid financed the deal through a $1.8 billion 6.125% high yield offering. 
  • The joint bookrunners on the offering were BofA Merrill Lynch, Goldman Sachs, Credit Suisse, Citigroup and Wells Fargo Securities. 
  • Citigroup Global Markets acted as financial adviser to Rite Aid and JP Morgan acted for Envision.
  • The deal was first announced in February 2015. 

Kurt Stumpo - Journalist

Jurisdiction:

United States

Deal types:

Acquisition finance
High-yield bond/note issue
Private acquisition

Practice areas:

Capital markets : High yield
M&A

Governing law:

United States

Industry sector:

Consumer goods and services

Firms:
Cleary Gottlieb Steen & Hamilton

Party: Envision Pharmaceutical Services (Target)

Lawyer: Paul Shim

Cravath Swaine & Moore

Party: BofA Merrill Lynch (Joint bookrunner)

Party: Goldman Sachs (Joint bookrunner)

Party: Credit Suisse (Joint bookrunner)

Party: Citigroup (Joint bookrunner)

Party: Wells Fargo Securities (Joint bookrunner)

Lawyers: Andrew Pitts, Joseph Zavaglia

Skadden Arps Slate Meagher & Flom

Party: Rite Aid (Acquirer)

Lawyer: Michael Zeidel

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