Arrangement of Financing for Rite Aid’s Acquisition of EnvisionRx

On February 11, 2015, Rite Aid, one of the nation’s leading drugstore chains, and Envision Pharmaceutical Services (“EnvisionRx”), a national pharmacy benefit management company, announced that they have entered into a definitive agreement under which Rite Aid will acquire EnvisionRx in a transaction valued at approximately $2 billion. Cravath represented Citigroup, BofA Merrill Lynch, Wells Fargo and Credit Suisse as lead arrangers of an aggregate of $1.8 billion of committed debt financing. The transaction is subject to customary closing conditions, and is anticipated to close by September 2015.

The Cravath team included partners Andrew J. Pitts and Joseph D. Zavaglia and associate Jacquelyn N. Arcati. Alex M. Dzioba also worked on this matter.