VCA Antech sets pricing in tender for 9 7/8% notes

New York, May 16 - VCA Antech, Inc. said its Vicar Operating, Inc. subsidiary has set pricing in its cash tender offer for any and all of its $170 million principal amount of 9 7/8% senior subordinated notes due 2009.

The company will pay $1,081.06 per $1,000 principal amount, including the $30 consent payment.

As of May 13, all the notes had been tendered.

VCA Antech announced the tender and a consent solicitation to amend the indenture on April 19.

It said pricing for the tender would 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 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.

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The tender is subject to completion of the credit facility and at least a majority of the notes being tendered and not withdrawn.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