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Midwest Veterinary to launch $360 million credit facilities Tuesday
By Sara Rosenberg
New York, April 9 – Midwest Veterinary Partners LLC is scheduled to hold a bank meeting at 1 p.m. ET on Tuesday to launch $360 million of first-lien credit facilities, according to a market source.
Jefferies LLC and Golub Capital are the lead arrangers on the senior secured deal.
The facilities consist of a $20 million five-year revolver and a $340 million seven-year first-lien term loan, the source said.
Included in the first-lien term loan is 101 soft call protection for six months.
The company is also getting a $75 million privately placed delayed-draw first-lien term loan with an 18-month commitment period and a $90 million privately placed eight-year second-lien term loan, the source added.
Proceeds will be used to refinance the company’s existing debt and place cash on the balance sheet to fund near-term letters of intent pipeline.
Midwest Veterinary, doing business as Mission Veterinary Partners, is a Novi, Mich.-based network of general practice animal hospitals.
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