PetVet changes $275 million incremental term loan B-3 OID to 99.5

By Sara Rosenberg

New York, Aug. 12 – PetVet Care Centers LLC revised the original issue discount on its fungible $275 million incremental first-lien term loan B-3 (B2/B) due February 2025 to 99.5 from 99.265, according to a market source.

Pricing on the incremental term loan is Libor plus 350 basis points with a 0.75% Libor floor, in line with existing term loan B-3 pricing.

Earlier in syndication, the incremental term loan was upsized from $250 million.

Jefferies LLC and KKR Capital Markets are the bookrunners on the deal.

Recommitments were scheduled to be due at 10 a.m. ET on Thursday, the source added.

Proceeds will be used to finance the company’s acquisition pipeline, and the funds from the recent upsizing will add cash to the balance sheet for future acquisitions and general corporate purposes.

PetVet is a Westport, Conn.-based operator of general practice and specialty veterinary hospitals for companion animals.

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