Midwest Veterinary Partners gets $125 million of term loans

By Sara Rosenberg

New York, Oct. 26 – Midwest Veterinary Partners LLC priced and closed on Thursday a fungible $50 million incremental first-lien term loan and a $75 million delayed-draw term loan, according to a market source.

Pricing on the term loans (B3/B-) is SOFR+CSA plus 400 basis points, in line with pricing on the company’s existing $970 million first-lien term loan. CSA is ARRC standard of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.

The delayed-draw term loan will become fungible with the existing first-lien term loan upon draw, the source said.

Golub Capital acted as the left lead arranger on the deal.

Proceeds will be used for future mergers and acquisitions and growth capital expenditures investments.

Midwest Veterinary is a Southfield, Mich.-based network of general practice animal hospitals.

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