Envision Pharmaceutical Holdings, Inc. -- Moody's rates Envision Pharmaceutical's first lien term loan at B2, second lien at Caa2 and CFR B3; outlook positive

New York, September 04, 2013 -- Moody's Investors Service assigned a B3 Corporate Family Rating and a B3-PD Probability of Default Rating to Envision Pharmaceutical Holdings, Inc. ("Envision") At the same time, Moody's assigned a B2 to Envision's new first lien term loan and secured revolver and a Caa2 to its second lien term loan. These are first time ratings for this middle-market pharmacy benefit manager. The rating outlook is positive. Proceeds will be used to partially finance a leveraged buy-out by TPG Capital (for a total of $885 million), refinance existing bank debt and fund a potential acquisition for $35 million.

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