PetVet launches $125 million add-on first-lien term loan to investors

By Sara Rosenberg

New York, Oct. 29 – PetVet Care Centers LLC held a lender call at 4:30 p.m. ET on Monday to launch a $125 million add-on covenant-light first-lien term loan (B2) due February 2025, according to a market source.

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

Pricing on the add-on first-lien term loan is Libor plus 275 basis points with a 0% Libor floor, in line with existing first-lien term loan pricing.

Original issue discount talk on the add-on term loan is 98.6, the source said.

Like the existing first-lien term loan, there is no call protection on the add-on term loan and the debt has amortization of 1% per annum.

Commitments are due on Nov. 6, the source added.

Proceeds will be used to add cash to the balance sheet, repay an existing revolving credit facility draw and pay transaction related fees.

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

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