Daily News: January 4, 2019

Western Alliance Agents $20MM Upsize for Tabula Rasa Healthcare


Tabula Rasa HealthCare amended its loan and security agreement with Western Alliance Bank acting as both administrative and collateral agent for the lenders. The amendment increased the size of the company’s revolving credit facility from $40 million to $60 million.

According to the related 8-K filing, the amendment also eliminated Tabula Rasa’s option to request an increase in the size of the facility of up to $10 million upon the successful syndication of such additional amounts and decreased the minimum unrestricted cash balance Tabula Rasa is required to maintain in its accounts with Western Alliance plus amounts available for draw under the facility from $3 million to $1.5 million.

Loans under the amended facility will bear interest at a rate equal to the prime rate plus an applicable margin, with prime rate defined as the greater of 5.5% or the prime rate published in the Money Rates section of the Western edition of The Wall Street Journal.

Other financial covenants in the facility remain unchanged, with the revolver maturing on September 6, 2020.

Tabula Rasa HealthCare provides patient-specific, data-driven technology and solutions that enable healthcare organizations to optimize medication regimens to improve patient outcomes, reduce hospitalizations and manage risk. The company serves approximately 100 healthcare organizations that focus on populations with complex healthcare needs and extensive medication requirements.