VCA Antech tenders for 9 7/8% notes

New York, April 19 - VCA Antech, Inc. said its Vicar Operating, Inc. subsidiary has begun a cash tender offer for any and all of its $170 million principal amount of 9 7/8% senior subordinated notes due 2009 and a consent solicitation to amend the indenture.

Pricing for the tender will be set using a spread of 50 basis points over the bid-side yield to maturity of the U.S. Treasury 1.875% bond due Nov. 30, 2005 at 2 p.m. ET two days before the expiration of the offer.

The price includes a consent payment of $30.00 per $1,000 that will only be paid to holders who tender with consents by 5 p.m. ET on April 29. The tender expires at 12:01 a.m. ET on May 17.

Assuming a settlement date of May 18 and using Treasury yield of 3.665% on April 18, the payment including the consent payment would be $1,081.07 per $1,000 principal amount.

VCA Antech will also pay accrued interest up to but excluding the payment date.

The Los Angeles provider of pet health care services will finance the tender with a new $500 million credit facility, structured as $425 million of term loans and a $75 million revolving facility. Proceeds will also be used to refinance VCA Antech's $220.3 million of outstanding senior term F notes.

The tender is subject to completion of the credit facility and at least a majority of the notes being tendered and not withdrawn.

Goldman, Sachs & Co. is dealer manager and solicitation agent (800 828-3182 or collect at 212 357-3019). Global Bondholder Services Corp. is information agent and depositary.

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