Midwest Veterinary talks $340 million term loan at Libor plus 400 bps

By Sara Rosenberg

New York, April 13 – Midwest Veterinary Partners LLC launched on Tuesday its $340 million seven-year first-lien term loan with price talk of Libor plus 400 basis points with a 0.75% Libor floor and an original issue discount of 99.5, according to a market source.

The term loan has 101 soft call protection for six months.

Commitments are due at noon ET on April 22, the source said.

The company’s $525 million of senior secured credit facilities also include a $20 million five-year revolver, 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.

Jefferies LLC and Golub Capital are the lead arrangers on the deal.

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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.