Henry Schein unit to arrange debt financing in connection with spinoff

By Tali Rackner

Minneapolis, April 23 – Henry Schein, Inc. said wholly owned subsidiary HS Spinco, Inc. will use its reasonable best efforts to arrange between $900 million and $1.2 billion of debt financing to fund a special dividend, according to an 8-K filing with the Securities and Exchange Commission.

The dividend is in connection with the company’s announcement of plans to spin off its animal health business and merge it with Vets First Choice (Direct Vet Marketing, Inc.), creating a new company called Vets First Corp.

Henry Schein is a Melville, N.Y.-based provider of health-care products and services to office-based dental, medical and animal health practitioners.

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