Davis Polk advised Citibank, N.A., as administrative agent in connection with a $250 million revolving credit facility and a $250 million delayed draw term loan facility for Magellan RX Management, Inc., a direct subsidiary of Magellan Health, Inc. The proceeds of the loans will be used from time to time for general corporate purposes.
Based in Avon, Connecticut, Magellan is a specialty health care manager which focuses on a variety of complex and costly health care services. Magellan provides services to health plans, insurance companies, employers, labor unions and various governmental agencies.
The Davis Polk credit team included partner Kenneth J. Steinberg, and associates Samantha Hait and Rebecca Van Derlaske. Partner Harry Ballan and associate Joseph Pahl provided tax advice. Counsel John T. Wright provided employee benefits advice. Counsel Loyti Cheng and associate Kevin J. Klesh provided environmental advice. Counsel Jeanine P. McGuinness and associate Britt Mosman provided advice as to OFAC and other regulatory matters. Members of the Davis Polk team are based in the New York and Washington DC offices.