Ares leads $2.2bn private credit package for MedImpact healthcare acquisition

Ares Management is leading a $2.2bn direct loan to finance MedImpact Holdings' planned acquisition of Puerto Rico-based Medical Card System, according to Bloomberg.

The loan is expected to pay at least 800 basis points over the benchmark rate, sources familiar with the matter have told Bloomberg, and would sit on a second-lien basis, placing new lenders behind existing debt in the repayment waterfall.

Discussions remain ongoing and terms could still shift. LevFin Insights first reported elements of the debt package.