Ares Management Corp. is leading a $2.2 billion direct loan to support pharmacy benefits manager MedImpact Holdings Inc.'s planned purchase of Medical Card System, Inc., a Puerto Rico-based healthcare services company. The loan could pay at least 8 percentage points over the benchmark rate and would be secured on a second-lien basis, raising borrowing costs. At $2.2 billion, the deal would be one of the largest this year in the $1.8 trillion private credit market, which has faced record redemptions and sluggish private equity dealmaking. Discussions are ongoing and details are still being finalized.
Ares Management LPAres leads a $2.2 billion direct loan, a major private credit deal that boosts its lending business.
Moodys Corporation
